Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Alibaba (NYSE: BABA) announced adjusted earnings per share of $1.74 before the bell on Thursday, with revenue coming in at $31.1 billion.
The numbers reported were against an anticipated EPS of $1.93 and revenue of $32.05 billion.
In reaction to the report, Alibaba's share price has fallen 7% to $150.28.
Alibaba attributed the 38% fall in profit year-over-year primarily to net losses arising from changes in market prices of its equity investments.
“This quarter, Alibaba continued to firmly invest into our three strategic pillars of domestic consumption, globalization, and cloud computing to establish solid foundations for our long-term goal of sustainable growth in the future,” said Daniel Zhang, Chairman and CEO of Alibaba Group.
“Our global annual active consumers across the Alibaba Ecosystem reached approximately 1.24 billion, with a quarterly net increase of 62 million consumers, and we are on track to achieve our longer-term target of serving two billion consumers globally.”
The company revised its fiscal year 2022 revenue guidance and now expects revenue to grow 20% to 23% year-over-year.
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .