Alibaba (BABA) Shares Fall on Disappointing Q3 Topline Results

Alibaba (NYSE: BABA) share price fell 3.5% in premarket trading Thursday after the e-commerce giant delivered a beat on Q3 earnings estimates, but fell short on revenue.

Alibaba earned $4.83 per share in its fiscal second quarter to end-September to blow past Street’s expectations of $2.08 per share. Revenue surged 30% to $22.83 billion to miss the market consensus of $23.19 billion.

“Alibaba had another strong quarter. We continued to help businesses recover and find new opportunities for growth through digitalization in the post-pandemic landscape. The solid performance of our core commerce and robust growth of Alibaba Cloud are the direct results of our commitment to value creation for customers,” said CEO Daniel Zhang.

“We remain focused on our three long-term growth engines – domestic consumption, cloud computing and data intelligence, and globalization – to effectively capture opportunities from the ongoing changes in consumer demand and acceleration of digitalization of businesses across our digital economy.”

Today’s dip in BABA share price comes just two days after shares closed 8.4% lower after the Shanghai Stock Exchange suspended the pending $37 billion listing of Ant Group, in which Alibaba holds a 33% controlling stake.

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