Pinduoduo (PDD) Tops Q2 EPS by 19c, Revenues Miss
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Alibaba beats estimates as pandemic fuels online, cloud computing demand
August 20, 2020 6:51 AM EDT(Reuters) - China's Alibaba Group Holding Ltd (NYSE: BABA) beat quarterly revenue and profit estimates on Thursday, as its core commerce and cloud computing businesses continued to grow following China's emergence from the coronavirus lockdown.
Sales from the commerce business alone jumped 34% to 133.32 billion yuan ($19.27 billion) in the quarter ending in June, slightly slower than a year earlier but still enough to prod its shares higher after the results.
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