's (NYSE: BABA) stock dropped 5% after it posted its latest earnings report on May 18. For the fourth quarter of fiscal 2023, which ended on March 31, the Chinese e-commerce and cloud leader's revenue rose 2% year over year to 208.2 billion yuan ($30.3 billion) and surpassed analysts' expectations by $410 million. Its adjusted net income increased 38% to 27.4 billion yuan ($4.0 billion), or $1.56 per American depositary share (ADS), and also cleared the consensus forecast by $0.21.
For the full year, Alibaba's revenue and adjusted earnings per ADS grew 2% and 4%, respectively. Should investors buy Alibaba's stock, which has plummeted more than 70% from its all-time high in October 2020, as a value play on China's COVID-19 recovery? Or will this bellwether of the Chinese tech sector remain out of favor for the foreseeable future?
Image source: Alibaba.
Source Fool.com