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Alibaba’s shares tumbled on Friday after the tech giant’s quarterly results fell short of expectations, raising concerns about weakening consumer demand in China and underwhelming AI-related growth.
In Hong Kong, Alibaba (HK:9988) dropped 5.4% to HK$121.90, hitting a session low of HK$120.30. The losses followed a 7.6% slide in its U.S.-listed shares (NYSE:BABA) overnight. The stock was among the biggest drags on the Hang Seng Index, which fell 0.8%.
For the quarter ending March 31, Alibaba reported a 7% year-on-year revenue increase to 236.5 billion yuan ($32.8 billion), missing analyst expectations of 237.9 billion yuan. Earnings per share also fell short of forecasts.
The revenue miss was attributed to lackluster performance in both its core e-commerce and cloud computing segments. Slowing consumer spending in China and intensified competition, especially from rival JD.com, weighed on e-commerce revenue. JD.com (HK:9618) also saw its shares fall by 2% in Friday’s session.
Adding to investor concerns, Alibaba’s cloud business failed to meet growth projections, casting doubt on the strength of AI demand in China. Despite positioning itself as a key player in China’s AI development—rolling out updated models and expanding cloud services—Alibaba’s results suggest the local AI market may be less vibrant than anticipated.
As Alibaba remains central to China’s e-commerce and AI ambitions, the disappointing earnings report has triggered broader market jitters. Investors are now reassessing the pace of recovery in Chinese tech and consumer sectors amid a sluggish macroeconomic backdrop.
The revenue miss and weak cloud performance raise pressing questions about Alibaba’s future growth trajectory, especially in an increasingly competitive and uncertain environment.
