Why Alibaba Stock Is Sinking Today
Shares of (NYSE: BABA) are plunging on Thursday. The company's stock was down 7.9% as of 12:43 p.m. ET and fell as much as 8.3% earlier in the day. The steep decline comes as the S 500 (SNPINDEX: ^GSPC) edged up 0.3% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 0.1%.
The Chinese tech giant reported quarterly earnings that fell significantly short of Wall Street's expectations.
Alibaba reported weaker-than-expected results for the quarter ended March 31. Its net income of $1.71 million (12.38 billion Chinese yuan) was well below analysts' expected $2.93 billion. Revenue grew 7% year over year to $32.58 billion, also falling short.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€107.20
0.750%
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