Alibaba projects revenue growth will slow this year
The company’s shares plunged by nearly 6% on Friday
Stocks impacted: Alibaba Group (BABA)
Citing post-Covid 19 economic uncertainty, Chinese e-commerce giant projects revenue growth will slow this year. The company forecasts sales growth this year of at least 27.5% to more than 650 billion yuan ($91 billion), down from 35% previously. The firm reported US$16.1 billion in revenue for the quarter ended March 31, representing a 22% increase year-on-year, with a large chunk of this revenue coming from its cloud business. Alibaba has lost more than $70 billion of market value since the coronavirus erupted in January. The company’s shares plunged by nearly 6% on Friday and slid as much as 4% in Hong Kong on Monday.
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