Alibaba stock plunged nearly 10 percent after the Chinese e-commerce giant reported sales that disappointed Wall Street and dealt with a regulatory spat in its home country.
Alibaba, which made history last September with the largest initial public offering ever, on Thursday reported results for its fiscal third quarter, which ended Dec. 31. The company racked up sales of $4.2 billion, up 40 percent from the same period a year earlier. But the results disappointed analysts polled by Thomson Reuters, who expected sales of $4.45 billion.
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Alibaba’s stock has been volatile since it went public at $68 a share. It jumped more than 40 percent on its first day of trading. But it has been tumbling from a peak of about $119 in November.
