Strong sales help Chinese e-commerce giant beat estimates

China’s Inc reported better than expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business, sending its shares 5% higher in pre-market trading.

The company’s net revenue rose 23% to 150.28 billion yuan ($21.28 billion) in the second quarter ended June 30. Analysts were expecting revenue of 147.49 billion yuan, according to IBES data from Refinitiv.

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