Alibaba beats quarterly sales estimates on e-commerce strength

China’s Alibaba Group Holding Ltd beat estimates for quarterly revenue on Thursday, as its core e-commerce business continued to grow following China’s emergence from coronavirus lockdowns.

The results come on the heels of China’s surprise suspension of Alibaba affiliate Ant Group’s record $37 billion Shanghai listing that was viewed by analysts and investors as an attempt to cut founder Jack Ma and his financial services empire down to size.