U.S. stock market update: Alibaba's net profit fell short of expectations, down 8.23%, Citigroup lowers target price
Price Alert·
- Alibaba fell 8.23 % after reporting a first-quarter adjusted net profit of 20.72 billion yuan, which missed market estimates due to increased AI investments.
- Wall Street stocks declined broadly, with Amazon dropping over 2 % amid retail sector weakness sparked by Walmart, despite Amazon expanding its Prime Air service.
- Latin American Business Services rose 0.58 % driven by strong profitability and macroeconomic resilience, while Pinduoduo and Sea experienced varied market movements amid industry challenges.
