Alibaba is getting crushed after revenues miss
The Chinese e-commerce giant reported revenues of 20.2 billion yuan, trailing the consensus estimate for 20.94 billion yuan according to Bloomberg. Adjusted earnings per share came in at 3.68 yuan, versus 3.60 expected.
The company announced a share buyback program worth $4 billion over the next two years.
Alibaba shares closed down nearly 4% on Monday at $77.31 and touched an all-time low during the session.
The stock fell as much as 7% in pre-market trading on Wednesday, and is 18% lower than the September 2014 IPO price.
In the earnings statement, CEO Daniel Zhang said, "We are excited about our top strategic priorities, including internationalization, winning in mobile, expanding our ecosystem from cities to villages, and investing in core technologies that will propel our cloud computing business."