Nov 19, 2021 06:34 AM

BUSINESS

Alibaba Stock Tumbles After Softer Growth Forecast

Alibaba reported fiscal second-quarter net income of 5.4 billion yuan ($833 million), down from 28.8 billion yuan a year earlier.

Alibaba reported fiscal second-quarter net income of 5.4 billion yuan ($833 million), down from 28.8 billion yuan a year earlier.

China’s e-commerce giant Alibaba Group Holding Ltd. slashed its full-year revenue forecast Thursday while posting weaker-than-expected September quarter results, reflecting slowing economic growth and regulatory headwinds.

The company reduced its guidance for revenue growth in the current fiscal year to between 20% and 23% year-on-year, citing “macroeconomic conditions and the competitive landscape.” It previously forecast annual revenue growth of 29.5%.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: China’s Shenzhou-16 Blasts Off

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin-Sinica Business Brief: Hong Kong to Allow Retail Investors to Trade Crypto

00:00

00:00/00:00

MOST POPULAR

1: Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets

2: In Depth: Chinese Fast Fashion Platforms Could Be Next U.S. Target

3: Kunming Scrambles to Pay Off $170 Million of Financing Vehicle Debt

4: Top Solar Firm Warns Excess Capacity Risks Wave of Failures

5: Update: EV Startup Aiways Looks Overseas as Domestic Business Grinds to a Halt, Sources Say

SPONSORED

OR