Benzinga | Nov 18, 2021 09:29AM EST

Why Alibaba Shares Are Falling Today

Alibaba Group Holding Ltd (NYSE:BABA) is trading lower Thursday after the company announced worse-than-expected quarterly financial results.

Alibaba reported quarterly non-GAAP diluted earnings per ADS of $1.74, which came in below the estimate of $1.93, representing a decrease of 38% year-over-year. The company reported quarterly revenue of $31.15 billion, which came in below the estimate of $32.05 billion.

Alibaba expects fiscal 2022 revenue growth between 20% and 23%.

Global annual active consumers across the Alibaba ecosystem reached approximately 1.24 billion during the quarter.

"This quarter, Alibaba continued to firmly invest into our three strategic pillars of domestic consumption, globalization, and cloud computing to establish solid foundations for our long-term goal of sustainable growth in the future," said Daniel Zhang, chairman and CEO of Alibaba.

See Also: Alibaba Q2 Earnings, 2022 Guidance Trail Estimates, Dragged By Macroeconomic Weakness, Regulatory Crackdown, Investments

BABA Price Action: Alibaba has traded as high as $280.61 and as low as $138.43 over a 52-week period.

The stock was down 6.18% at $151.71 at time of publication.

Photo: hinglish Notes from Flickr.