Alibaba matches third-quarter estimates with strong year-end sales

News Snapshot:

Open this photo in gallery: An Alibaba sign outside the company's office in Beijing, on April 13, 2021.GREG BAKER/AFP/Getty Images Alibaba Group Holding BABA-N on Thursday matched Wall Street expectations for third-quarter revenue, on strong year-end sales, highlighting the success of its strategy to attract cost-conscious consumers. U.S.-listed shares of the company were up 5.6 per cent in premarket trading. The company’s revenue was 280.15 billion yuan ($38.58-billion) for the three months ended December 31, compared with 279.34 billion yuan expected by 17 analysts polled by LSEG. Chinese retailers such as Alibaba have slashed prices and intensified promotional offers to...