"Stock Market Brief" China's Alibaba rebounds after dipping in pre-market trading, Q1 adjusted net profit misses expectations
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Alibaba's US stock rebounded after a decline of more than 2% in pre-market trading on Friday. The adjusted net profit for the first fiscal quarter was RMB 35.29 billion, a year-on-year decrease of 12.4%, which was lower than the market expectation of RMB 36.44 billion. Revenue was RMB 247.65 billion, a year-on-year increase of 2%, also below the expected RMB 252.92 billion. Alibaba's Hong Kong stock closed down 0.1%
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