Alibaba Continues its Losing Streak on Acknowledgment of Growing Competition
May 14, 2024
Alibaba (BABA) shares fell today, on May 14, about 7.1% at the time of writing after mixed Q4 results and acknowledgment of a growing competition. Alibaba, once China's biggest contender to become a trillion-dollar company, now faces competition from rivals such as Pinduoduo (PDD) and JD.Com (JD).
Non-GAAP earnings per American depositary receipt fell 5% YoY to 10.71 yuan (~$1.40), below expectations. However, revenue rose about 7% YoY to 208.2 billion yuan ($30.73 billion), beating expectations.
The company said net profit was 919 million yuan ($127 million), down 96% YoY, mainly due to net losses on investments in listed companies in the quarter, compared with net profit in the same quarter a year earlier due to mark-to-market changes. Net profit attributable to ordinary shareholders fell 86% YoY to 23.52 billion yuan ($453 million).
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