Alibaba beats quarterly revenue estimates

(Reuters) – China’s Alibaba Group Holding Ltd reported a better-than-expected quarterly revenue on Thursday, as its core e-commerce and cloud computing businesses posted steady growth.

Revenue rose to 161.46 billion yuan ($23.12 billion) in the third quarter ended Dec. 31 from 117.28 billion yuan, a year earlier.

Analysts had expected revenue of 159.28 billion yuan, according to IBES data from Refinitiv.

(Reporting by Akanksha Rana in Bengaluru and Josh Horwitz in Shanghai; Editing by Sriraj Kalluvila)