Alibaba's Earnings Report Triggers 5% Stock Drop as Net Income Plunges 86% YoY from cloud app apk download Watch Video
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⏲ Duration: 0:34 👁 View: 720K times ✓ Published: 15-May-2024
Description: Alibaba's fourth-quarter revenue beat estimates, but net income plunged 86% year-over-year. Alibaba shares dropped around 5% in premarket trading following the earnings release. The company's core e-commerce business recovered, with revenue up 4% and customer management revenue up 5%. Alibaba focuses on reducing low-margin contracts and growing AI-related products in its cloud division. The company's AI revenue experienced \