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%.

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