New York-listed shares in e-commerce conglomerate Alibaba Group Holding (BABA.NYSE) fell 5.06% on Wednesday after the company reported its slowest quarterly revenue growth in more than three years, The Wall Street Journal reported; soon thereafter South China Morning Post reported the company was embarking on a US$4 billion share buy-back plan to support its stock price. Quarterly revenue rose 28% to US$3.26 billion, missing analysts’ estimates for US$3.39 billion. Mobile transactions continued to grow, and active users of Alibaba’s mobile platforms grew to 307 million at the end of the quarter–but the firm’s stock is now just 7.9% above its initial public offering of US$68.
Categories