China's Alibaba Group Holding Ltd beat analysts' estimates for quarter...
- China’s Alibaba Group Holding Ltd beat analysts’ estimates for quarterly results on Thursday, driven by record sales during its annual Singles’ Day shopping blitz and demand for its cloud computing business.
The e-commerce giant usually reports its highest revenue in the December quarter due to its mega “Singles’ Day” shopping bonanza in November. The company said sales during the 24-hour shopping event hit a record $38.4 billion in 2019. The company said it was supporting the fight against the coronavirus outbreak in China by ensuring supply of daily necessities and introducing relief measures for its merchants.
The outbreak, which originated in the city of Wuhan, has resulted in companies laying off workers, seeking cheaper funding and struggling to restart production after an extended new year holiday as supply chains remained disrupted.
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