Home Business Alibaba: profits and turnover disappoint expectations, e-commerce giant cuts guidance. Stock -6% on Wall Street

Alibaba: profits and turnover disappoint expectations, e-commerce giant cuts guidance. Stock -6% on Wall Street

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Alibaba announced that it ended the third quarter with worse than expected sales and earnings. The e-commerce giant has discounted the slowdown in economic growth in China and the attacks that the Beijing government has launched against the same giant founded by Jack Ma.

In the quarter ending September, its fiscal second quarter, Alibaba grossed 200.69 billion yuan ($ 31.4 billion) in revenue, lower than the expected 204.93 billion yuan, up 29%. every year.

The eps stood at 11.20 yuan, less than the 12.36 yuan expected, down 38% on an annual basis.

Alibaba also cut its fiscal year revenue guidance: it now expects growth of between 20% and 23% year-on-year, compared to a previously expected growth of 29.5% to 930 billion. yuan.

Alibaba stock is down in premarket, losing more than 6% on Wall Street.

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