Alibaba earnings analyst estimates but missed on revenue projections, the company said Wednesday, marking the third quarter in a row of revenue deceleration.
The China e-commerce giant reported adjusted earnings of $ 1.77 per share and revenue of $ 17 billion for its fiscal third quarter ended Dec. 31. Analysts expected Alibaba (BABA) to report earnings of $ 1.67 a share on revenue $ 17.7 billion. Revenue rose 41% from the year-ago period, a slowdown from growth of 65% and 76% in the previous two quarters, respectively.
Alibaba stock was up 2.5%, near 161, during morning trading on the stock market today
According to China's National Bureau of Statistics, online sales growth of physical goods decelerated in the fourth quarter. It remains unclear how much of the deceleration stems from the US-China trade tensions.
Alibaba's stock is down 25% since its record high of 211.70 amid escalating US-China trade tensions and a pullback in Chinese consumer confidence. Alibaba stock currently trades above its 50-day moving average
Revenue from its cloud computing business increased 84% from the year-ago period to $ 962 million. Revenue from its core e = commerce operation rose 40% to $ 14.95 billion.
Alibaba said it ended the quarter with 699 million mobile monthly active users, up 33 million from the previous quarter.
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