Alibaba beats quarterly revenue estimates

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The company’s U.S.-listed shares rose nearly 4% in trading before the bell.

Consumer purchases on Alibaba’s Taobao and Tmall marketplaces bounced back, helped in part by the 618 shopping festival, a key shopping event in China, in June.

Alibaba posted revenue of 234.16 billion yuan ($32.29 billion) in the quarter, compared with analysts’ estimates of 224.92 billion yuan, according to Refinitiv data.

(1 Chinese yuan renminbi = $0.1387)