Alibaba beats revenue estimates for third quarter
Feb 20 (Reuters) - China's Alibaba Group Holding (9988.HK), opens new tab on Wednesday topped Wall Street expectations for third-quarter revenue, on strong year-end shopping sales and the success of its strategy to attract cost-conscious consumers.
U.S.-listed shares of the company were up 2.7% in premarket trading.
Chinese retailers such as Alibaba have slashed prices and intensified promotional offers to stoke consumer spending and drive sales at its core domestic e-commerce business.
Healthy demand from international markets and increased spending by customers during the year-end has helped the company boost its sales and achieve stronger financial performance.
Last year's annual Singles' Day sales event, a nationwide shopping festival often viewed as a barometer of consumer sentiment, ran longer than previous editions and led to a 26.6% rise in sales in major e-commerce platforms, according to data provider Syntun.
The company reported revenue of 280.15 billion yuan ($38.58 billion) for the three months ended Dec. 31, compared with the 279.34 billion yuan expected by 17 analysts polled by LSEG.
($1 = 7.2613 Chinese yuan renminbi)
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