Hong Kong shares in Alibaba slumped 10 per cent on Friday, a day after the Chinese ecommerce giant forecast annual revenue to grow at its slowest pace since its 2014 stock market debut.
The group’s New York-listed shares fell more than 11 per cent on Thursday.
Alibaba’s second-quarter results missed expectations due to slowing consumption, increasing competition and a regulatory crackdown.
The group on Thursday reported an 81 per cent fall in net income to $833.5m in the third quarter, missing a Bloomberg consensus estimate of $3.76bn.
Revenue rose 29 per cent to $31.4bn in the three months to September, compared with the same period last year, missing analysts’ forecasts of $32.3bn.
Chinese shoppers have become more cautious about spending, in part due to new Covid-19 outbreaks. In addition, Beijing has cracked down on technology companies, citing antitrust and national security issues.
Daniel Zhang, Alibaba chief executive, said…