On February 20, China's Alibaba Group Holding exceeded Wall Street's third-quarter revenue expectations. This was attributed to robust year-end sales and the success of its approach targeting budget-conscious consumers.
In premarket trading, the company's U.S.-listed shares rose by 2.7%.
To drive sales within its main domestic e-commerce sector, Chinese retailers like Alibaba have heavily discounted prices and intensified promotional offers.
Alibaba experienced heightened sales and improved financial results due to strong international demand and increased spending during the year-end period.
The extended Singles' Day sales event from the previous year contributed to a 26.6% increase in major e-commerce platforms, as reported by data provider Syntun.
For the three months ending December 31, the company's revenue was 280.15 billion yuan ($38.58 billion), surpassing the 279.34 billion yuan expected by 17 analysts surveyed by LSEG.