Shares of Alibaba (BABA) are down 5% after the Chinese technology giant reported first-quarter financial results that failed to impress Wall Street.
Alibaba reported earnings of $0.18 U.S. per share and revenue of $30.70 billion U.S. for what was the company’s fiscal fourth quarter.
The profit figure was inline with analysts’ forecasts and the company’s revenue came in higher than the $30.50 billion U.S. that was expected.
However, the results appear to have left Wall Street underwhelmed, sending the share price of the Chinese e-commerce company lower.
Alibaba has struggled in recent years as China’s economy has faltered coming out of the Covid-19 pandemic and consumer spending has slowed.
The company is also grappling with the development of artificial intelligence (A.I.) technologies, where it faces stiff competition both domestically and from foreign rivals.
Prior to today (May 14), the stock of Alibaba had declined 4% over the last 12 months and was trading at $84.60 U.S. per share. The company’s stock is down 50% over five years.
