Alibaba Group Holding sales beat estimates as regulatory headwinds loom

Alibaba Group Holding’s sales rose at a faster-than-expected pace, offering a much-needed boost for the company grappling with a regulatory crackdown on Jack Ma’s tech empire.

Revenue climbed 37 per cent to 221.1 billion yuan ($34.2 billion) in the three months ended December, compared with the 215.3 billion yuan average of analyst forecasts. Net income attributable to shareholders rose 52 per cent to 79 billion yuan.