2024-05-15 08:30:00 ET
Summary
- Alibaba's net profit figures for the fiscal fourth-quarter period came in much weaker than expected, with a massive annualized decline of over 86%.
- BABA stock has seen continuous declines and is trading lower by more than 75.1% relative to its October 2020 highs.
- While there is some evidence of a possible bullish reversal in shorter-term time frames, the potential for sustainable gains in Alibaba's share prices remains incredibly weak.
Alibaba Group (BABA) is experiencing a round of selling pressure following a quarterly earnings release showing that the Chinese e-commerce company’s net profit figures came in much weaker than expected. For the fiscal fourth-quarter period, Alibaba reported revenues of $30.7 billion (or 221.9 billion yuan), which did surpass consensus estimates of $30.37 billion (or 219.66 billion yuan) expected. However, the report also revealed significant weaknesses in net profits at $452 million (or 3.27 billion yuan), which indicates a massive annualized decline of more than 86% when compared to the 23.52 billion yuan figure that was reported during the same period last year....
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For further details see:
Alibaba: 'Dead Money' Continues To Disappoint (Technical Analysis)