Alibaba's Earnings Report Triggers 5% Stock Drop as Net Income Plunges 86% YoY from ibdab net Watch Video
Preview(s): Play Video: (Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ 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 \