NEW YORK/HONG KONG -- Alibaba Group Holding and Tencent Holdings both exceeded expectations and reported healthy quarterly earnings on May 15, as China's two largest internet companies appear set to fight for dominance in the country's online sector.
New York-listed Alibaba said net income rose more than 250% on the year to reach 23.4 billion yuan ($3.4 billion) during the January-March quarter, far surpassing the projected 16.9 billion yuan based on analysts polled by Refinitiv.
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