Alibaba beats quarterly revenue estimates, shares rise

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(Reuters) – China’s Alibaba Group Holding Ltd (N:) reported better-than-expected second-quarter revenue on Friday, powered by strong growth in its core e-commerce business.

Revenue rose to 119.02 billion yuan ($16.91 billion) for the second quarter ended Sept. 30 from 85.15 billion yuan a year earlier. Analysts were expecting revenue of 116.8 billion yuan, according to IBES data from Refinitiv.

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