Alibaba beats quarterly revenue estimates

China's Alibaba Group Holding Ltd reported a 42% jump in quarterly revenue that beat estimates on Thursday, aided by growth in its core e-commerce and cloud computing businesses.

Revenue rose to 114.92 billion yuan ($16.32 billion) in the first quarter ended June 30 from 80.92 billion yuan, a year earlier.

Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv.

Net income attributable to ordinary shareholders was 21.25 billion yuan.