Alibaba Stock Slides After China Tech Giant Reports Slower-Than-Expected Sales Growth
Alibaba Group stock tumbled Thursday, after the China e-commerce and cloud-computing giant reported March quarter earnings and sales that missed Wall Street forecasts. Alibaba reported adjusted earnings of 12.52 yuan per American depositary share on sales of 236.45 billion yuan, or $32.8 billion, for the March-ended quarter. Adjusted earnings for Alibaba's fiscal fourth quarter increased 23% in local currency on a per-share basis.
Investor's Business Daily
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19 hours ago
