Why Alibaba's Stock Price Sank Despite a Solid Quarter
Last week, (NYSE: BABA) reported second-quarter results for its fiscal 2024, with revenue up by 9% and operating profit jumping 34% year over year. While the result wasn't mind-blowing, it was a solid improvement from last year.
Yet, shares of the Chinese e-commerce giant have tanked by more than 10% since its earnings announcement, indicating there are other issues investors are concerned about now. Let's look at the factors that might have caused the sell-off.
Image source: Getty Images.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€72.20
-0.550%
With 41 Buy predictions and 2 Sell predictions Alibaba Group Holding Ltd ADR is one of the favorites of our community.
As a result the target price of 109 € shows a very positive potential of 50.97% compared to the current price of 72.2 € for Alibaba Group Holding Ltd ADR.
