Alibaba Group Holding Ltd BABA is trading lower Tuesday after the company announced worse-than-expected quarterly revenue results.
Alibaba reported quarterly earnings of $2.57 per share, which beat the estimate of $2.24 per share. However, the company reported quarterly revenue of $31.86 billion, which came in below the estimate of $32.54 billion.
“We believe in the growth of the Chinese economy and long-term value creation of Alibaba, and we will continue to strengthen our technology advantage in improving the consumer experience and helping our enterprise customers to accomplish successful digital transformations," said Daniel Zhang, chairman and CEO of Alibaba.
Price Action: Alibaba has traded as high as $319.32 and as low as $179.67 over a 52-week period.
At last check Tuesday, the stock was down 3.05% at 193.98.
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