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Alibaba shares drop after mixed earnings report

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Shares of Alibaba Group Holding Ltd.
BABA,
-2.84%

were headed lower in premarket trading Thursday after the Chinese e-commerce company posted a mixed quarterly report, with revenue falling short of expectations but earnings exceeding the consensus view. Alibaba posted fiscal third-quarter net income of RMB20.4 billion ($3.2 billion), or RMB7.51 per American depositary share, down from RMB79.4 billion, or RMB28.85 per ADS, in the year-prior quarter. On an adjusted basis, Alibaba earned RMB16.87 per ADS, down from RMB22.03 per ADS a year earlier but ahead of the FactSet consensus, which was for RMB15.93 a share. Revenue rose to RMB242.6 billion from RMB221.1 billion, while analysts tracked by FactSet had been expecting RMB246.3 billion. China commerce revenue came in at RMB172.2 billion. The company had 1.28 billion annual active consumers as of the December quarter, up about 43 million from its September-quarter total. The latest figure included 979 million consumers in China and 301 million internationally. Alibaba’s U.S.-listed shares have declined about 20% over the past three months, as the S&P 500
SPX,
-1.84%

has lost about 10% and as the KraneShares CSI China Internet ETF
KWEB,
-1.35%

has dropped roughly 29%.

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