Quarterly earnings of internet firms surpass market estimates

Quarterly earnings of leading Chinese internet companies have surpassed earnings estimates, with new spending power and additional revenue sources expected to lend further support to the economy.

Revenue for Alibaba Group Holding Ltd climbed to 93.5 billion yuan ($13.6 billion) for the three months that ended in March, up 51 percent year-on-year, as adjusted earnings per share of 8.57 yuan topped Wall Street projections of 6.5 yuan, according to Bloomberg estimates.

Core commerce business in China, where shoppers snap up daily necessities and luxury goods on its iconic Tmall and Taobao sites, advanced 54 percent by revenue to 78.9 billion yuan from a year ago. By March, a staggering 721 million monthly active users were using mobile devices for purchases.