Stock Groups

Alibaba misses quarterly revenue expectations -Breaking


© Reuters. FILEPHOTO: A lit logo of Alibaba Group appears at the Beijing office building on 8/9/2021. REUTERS/Tingshu Wang/File Photo

(Reuters) – China’s Alibaba (NYSE:) Group Holding Ltd missed the market’s expectations for its second quarter revenue on Thursday, due to slowing consumption and e-commerce businesses being affected by supply chain restrictions.

China’s tech giants have come under increasing pressure after regulators in China clamped down against powerful companies, from Alibaba to Didi Global Inc. The country’s antimonopoly and security concerns cited.

Alibaba’s annual Singles’ Day sales frenzy saw it record its weakest sales growth in the last week.

The quarter ended September 30 saw revenue rise 29% to 200.69 Billion Yuan ($31.44Billion). Based on Refinitiv data, analysts expected to earn 204.93 billion Yuan annually.

U.S. listed shares of Alibaba fell 2.4% prior to the opening bell.

($1 = 6.3838 renminbi)

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages caused by reliance on this information, including the data, charts, and buy/sell signal, contained in this site. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.