Alibaba Shares Slumped 4% in Premarket Trading after Tumbling 9% on Thursday
Tiger Newspress2023-11-17
Alibaba shares slumped 4% in premarket trading after tumbling 9% on Thursday.
Alibaba (BABA) fell 9.1% after the Chinese e-commerce and cloud-computing company reported fiscal second-quarter earnings that were better than expected but warned that U.S. export controls on advanced computer chips, expanded in October, “may materially and adversely affect Cloud Intelligence Group’s ability to offer products and services and to perform under existing contracts.” Alibaba revealed it wouldn’t be spinning off the cloud division as planned.
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