Why Alibaba Stock Tanked Today
(NYSE: BABA) released its latest set of quarterly results late Wednesday, and investors reacted by trading the big Chinese company's stock down the following day. Across that trading session the price of its American depositary shares (ADSes) declined by almost 4%, against an essentially flat-lining S 500 index.
For its fourth quarter, Alibaba posted total revenue of just over 260.3 billion yuan ($36.56 billion), which was up by 5% year over year. According to non-GAAP (adjusted) standards, it netted slightly under 48 billion yuan ($6.7 billion), representing a 2% dip from the same quarter of 2022. On a per-ADS basis, that adjusted net income figure was 18.97 yuan ($2.66).
Neither headline figure met analyst expectations. On average, the prognosticators tracking the sprawling tech stock were modeling a slightly higher top-line result of nearly 260.7 billion yuan ($36.61 billion) and an adjusted, per-ADS net income of 19.17 yuan ($2.69).
Source Fool.com
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