Alibaba profits miss, despite record revenue
Shares were down more than 2% as of 10:30
Alibaba posted a record year of revenue for 2016, tapping into the booming Chinese e-commerce market.
“We reported another excellent quarter, with revenue growth accelerating to 60%, the highest growth rate we’ve achieved since our IPO,” Alibaba’s chief financial officer Maggie Wu was quoted as saying in a phone conference announcing results.
But the company’s profit fell short of expectations, with a net income of US$1.55 billion, or 60 cents a share. Adjusted earnings were 63 cents per share, versus the FactSet consensus forecast of 65 cents, according to MarketWatch. Shares were down 2.3% at 10:30 am in New York trading.