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Trending: Alibaba Shares Fall After Disappointing Results

0649 GMT - Alibaba is one of the most mentioned companies in the news over the past 12 hours, according to Factiva data, after the e-commerce giant missed expectations in its latest quarterly results. Alibaba said its fourth-quarter revenue rose by 2%, missing estimates by some analysts. Citi analysts pointed to the company's plans to increase spending to strengthen its market position in international e-commerce operations and plans to offer price discounts for cloud services as potentially squeezing margins in coming quarters, though these plans are "important for long-term success." Analysts are also parsing the company's announcement Thursday to spin off and separately list several business groups, including its logistics operations, grocery chain and AliCloud, its cloud-intelligence group. Nomura analysts called the plan "bold and puzzling." Hong Kong shares were recently 5.4% lower, matching the percentage decline for ADRs overnight. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)

 

(END) Dow Jones Newswires

May 19, 2023 03:05 ET (07:05 GMT)

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