Alibaba’s Hong Kong-listed shares fell more than 4% during trading on June 25, hitting HK$94.55 (US$12), their lowest level this year.

The drop pushed Alibaba’s market value below HK$2 trillion (US$255 billion).

In its December-quarter earnings report, revenue grew 5% year on year but missed expectations. Net income fell 69% to 14.4 billion yuan (US$2.12 billion).

Management said it would increase investment in Alibaba’s core ecommerce and cloud businesses. In February 2024, Alibaba also said it had expanded its share repurchase program to US$35.3 billion through March 2027.

Morgan Stanley cut its price target for Alibaba’s stock to US$180 from US$200 in January while maintaining an Overweight rating, citing a weaker outlook for its core ecommerce business.

🔗 Source: Yicai

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