Alibaba beats quarterly revenue estimates

China’s Alibaba Group Holding reported first-quarter revenue on Thursday that beat analysts’ estimates as consumer sentiment bounced back from the same time a year earlier when there were strict pandemic-related lockdowns.

The company’s U.S.-listed shares rose nearly 4% in trading before the bell.

Consumer purchases on Alibaba’s Taobao and Tmall marketplaces bounced back, helped in part by the 618 shopping festival, a key shopping event in China, in June.

Alibaba posted revenue of 234.16 billion yuan ($32.29 billion) in the quarter, compared with analysts’ estimates of 224.92 billion yuan, according to Refinitiv data.