Alibaba beats quarterly revenue estimates

Chinese e-commerce giant Alibaba beat analysts’ estimates for quarterly ​revenue on Tuesday, as investments in ‌one-hour delivery helped drive more users to its shopping apps,‌ while its cloud division reported strong growth. U.S.-listed shares of the company rose 2.5% in premarket trading. Major retailers in China are ⁠jostling for market ‌share in the instant commerce space by offering big discounts and attractive deals.