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Alibaba HK Stocks Plunge Over 4% Following Earnings Report
M+ Global Updates16/05/2024 10:14
Alibaba ($BABA-SW 09988.HK$) experienced a morning session dip, falling by 4.05% to HK$79.3 as od 09:59 Malaysia time. In the US markets, Alibaba's shares rose 1.86% on Wednesday to US$80.99, equivalent to HK$79.31 per share in the Hong Kong market.
Following the release of its earnings report after Tuesday's market close, the company recorded a total revenue of CNY 221.874 billion for the quarter ending March 31, 2024 (the fourth quarter of the fiscal year 2024), representing a 7% year-on-year increase, slightly above the expected CNY 220.6 billion.
However, the adjusted net profit declined by 11% to CNY 24.418 billion.
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This page is machine-translated. M+ Global tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.