Alibaba beats quarterly sales estimates

Alibaba Group beat estimates for quarterly revenue on Thursday (Nov 5).

A welcome shot of positive news, perhaps, after China's decision to suspend a record Shanghai listing for affiliate Ant Group.

Halting the $37 billion public offering was viewed by many as Beijing moving to cut founder Jack Ma's financial services empire down to size.

Alibaba's core e-commerce business continued to grow following China's emergence from lockdowns.

The results also coincide with U.S. presidential election results.

Under Donald Trump's presidency, the world's top two economies have clashed often over trade.

That's forced Chinese companies to put off U.S. listings or return to exchanges close to home.

Some analysts hope a new administration could move to ease tensions.

Revenue at Alibaba's cloud computing business jumped 60% to 14.9 billion yuan, or 2.25 billion dollars.

Sales at its core e-commerce business rose 29% to 19.8 billion dollars in the reported quarter.

Alibaba Chief Executive Daniel Zhang said during an earnings call that the company is evaluating the impact of the Ant Group IPO's suspension on its business.

And will "take appropriate measures."

Ant Group said separately it would decide whether to restart its IPO after fully reviewing relevant measures.