Alibaba's (NYSE: BABA) stock price sank to its lowest levels in nearly five years following its fiscal 2022 third-quarter earnings report on Thursday.
For the period (which ended Dec. 31), the Chinese tech giant's revenue rose 10% year over year to 242.58 billion yuan ($38.07 billion), which fell short of analysts' estimates by 3.21 billion yuan. That was also its slowest growth rate since its 2014 IPO. Adjusted net income fell by 25% to 44.62 billion yuan ($7.0 billion), or 16.87 yuan ($2.65) per share, which cleared analysts' expectations by 0.82 yuan.
The mediocre growth wasn't surprising since management had already reduced its fiscal year guidance in November. It mainly attributed the slowdown to macroeconomic headwinds, intense competition, and tighter government regulations.
Source Fool.com