Slower consumer spending will likely bring the value of transactions on e-commerce firm Alibaba’s (BABA.NYSE) online marketplaces down below previous expectations for the quarter ending this month, The Wall Street Journal reported, citing a disclosure by the company. Investor-relations chief Jane Penner said the company believes its gross merchandise value, a closely watched measure of total transaction value, will be “mid-single-digits lower than our initial expectations.” Asked for Alibaba’s internal projection for the September quarter’s gross merchandise value, a spokesman for the company said it doesn’t disclose its specific estimates. Shares in the company closed Tuesday at a new low of US$60.91, down 4.7% from the previous day and off 49% from their November high of US$120.
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