Why Alibaba Stock Keeps Going Down
After running up strongly before earnings, for the second day in a row after earnings, shares of China's Alibaba (NYSE: BABA) are going down.
The Chinese e-commerce and tech stock lost more than 9% yesterday, and is drifting down another 2.2% Friday morning (through 10:40 a.m. ET). Wall Street continues to react to Alibaba's news that it beat earnings yesterday but is canceling its planned spinoff of its cloud computing and AI business, Cloud Intelligence Group (CIG).
The Fool's Jeremy Bowman gave us the details on Alibaba's report yesterday. In a nutshell, the news was that sales grew more than expected in Q3 2023 -- up 9% at $30.8 billion -- and earnings did better than expected as well, flipping from a year-ago loss to a $1.48 profit per American depositary share this time around.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
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