Alibaba shares fall 7% after the Chinese tech giant posts 86% drop in profit
Publishing timestamp: 2024-05-14 13:17:53
Summary
Alibaba beat revenue expectations but net profit plunged, leading to a sharp drop in shares. The company has been facing challenges in its cloud computing division and is focusing on AI-related products to offset low-margin contracts. Warren Buffett's stock portfolio is heavily invested in just 5 stocks.
Sentiment: MIXED
Tickers: BABA,
Keywords: breaking news: markets, alibaba group holding ltd, business news, earnings, breaking news: asia, retail industry, breaking news: technology, breaking news: business,
Source: https://www.cnbc.com/2024/05/14/alibaba-baba-earnings-q4-2024.html