Home Business Alibaba shares drop all markets, lost $234 billion in value

Alibaba shares drop all markets, lost $234 billion in value

by news dir

Today’s news: Alibaba’s shares were listed on the Hong Kong Stock Exchange yesterday. (Nov 19) It fell 10.7%, its heaviest since it was listed on the Hong Kong Stock Exchange in 2019, after weaker-than-expected results amid a slowdown in China’s economy. Plus the Chinese government’s heavy crackdown on tech businesses. Like the day before, Alibaba’s shares on Wall Street also fell.

After the company announced disappointing quarterly results. It warned that full-year results could be lower than expected, with Alibaba’s sales in the last quarter growing 29 percent to $31.1 billion compared to the same period last year. while Wall Street is expected to earn $32.1 billion. Earnings per share fell 38% from a year ago and below expectations.

Sales for the current quarter are expected to increase 20-23% from the same period last year. While analysts are expecting nearly 28 percent growth for the full year, Alibaba shares are expected to drop around 40 percent, losing more than $234 billion in value to the company.

Alibaba’s earnings announcement comes a week after the year’s biggest online shopping festival, Singles Day, saw less sales this year than last year. This may partly be due to the government’s tightening of its tech business climate. Alibaba is also facing fierce competition from rivals and a slowing Chinese economy.

Daniel Zhang, chairman and CEO of Alibaba, said that the impact of the economy Plus, fierce competition has hit Alibaba’s business in China, along with a slowdown in apparel and general merchandise. while electronics and furniture are still good Meanwhile, the cloud business continued to deliver good earnings for the company, with revenue growing 33% year-on-year.

In its earnings report, Alibaba said it was facing uncertainty from the tight government controls that had affected its business operations. and consumer data protection and privacy regulations.

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