US-listed Alibaba shares fall after quarterly net income decline
BABA•Shares fall after quarterly profit declines
U.S.-listed shares of China's Alibaba BABA.N fell 3.9% to $123.87 premarket after the company reported a sharp decline in quarterly net income.
BABA reported net income attributable to ordinary shareholders of 10.54 billion yuan ($1.57 billion), a decrease of about 75% from a year earlier.
Revenue rises slightly, but goodwill charge weighs
The e-commerce giant posted a 9% increase in revenue to 268.95 billion yuan in the June quarter, compared with analysts' average estimates of 268.88 billion yuan, according to data compiled by LSEG.
BABA also recorded a goodwill impairment charge of 4.46 billion yuan for the quarter, primarily attributed to businesses within its "All Others" segment.
Up to the last close, the stock was down about 12% this year.
($1 = 6.7211 Chinese yuan renminbi)
