Alibaba Q3 Results: Chinese retailer posts higher-than-expected revenue of $38.58 billion | Stock Market News

China’s Alibaba Group Holding 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.