(Reuters) - China s Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, as its e-commerce business benefited from a switch to online shopping triggered by the coronavirus pandemic. The results come as China clamps down on company founder Jack Ma s business empire, having forced the suspension of a $37 billion IPO for financial affiliate Ant Group. In November, Alibaba s China-focused Singles Day sale - the world s biggest online shopping event that eclipses the revenues generated on U.S. shopping holidays Black Friday and Cyber Monday - registered sales of $74 billion in November. Alibaba s total revenue rose 37% to 221.08 billion yuan ($34.24 billion) in the three months ended Dec. 31, above analysts estimates of 214.38 billion yuan, according IBES data from Refinitiv.
Alibaba offers few answers as crackdown uncertainty persists
Coco Liu, Bloomberg News Pedestrians wearing protective masks walk past the Alibaba Group Holding Ltd. logo displayed in front of the company s building in Beijing, China, on Wednesday, Aug. 19, 2020. , Bloomberg
â-Alibaba Group Holding Ltd. offered investors few clues into how the regulatory crackdown on Jack Maâs tech empire will impact its future growth after reporting a stronger-than-expected 37 per cent increase in quarterly sales.
The e-commerce giant has established a special taskforce to conduct internal reviews and is actively communicating with antitrust regulators on complying with their requirements as investigations continue, Alibaba said Tuesday. Itâs also unable to make a complete assessment of how the ongoing ârectificationâ of affiliate Ant Group Co. will affect its business, according to the statement.
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By Stephanie Yang and Jing Yang Alibaba Group Holding Ltd. has set up a task force to review some of its businesses in response to an antitrust probe in China, its chief executive said Tuesday, as the threat of a regulatory overhaul looms over the Chinese e-commerce giant founded by Jack Ma. In an investor call after releasing quarterly results, Chief Executive Officer Daniel Zhang reiterated that Alibaba is cooperating with regulators. Striking a conciliatory tone, he emphasized Alibaba s important role in China s economy, saying the company operating two popular e-commerce platforms is ready to take on more social responsibility as an online platform tied to the country s economic development.