Shares of the opposite Chinese tech giants additionally dropped, with the KraneShares CSI China Internet ETF (KWEB) closing nearly 2.three % decrease.
Internet search firm Baidu fell greater than 1.5 % and is down 22.eight % from a latest excessive, in a bear market.
E-commerce firm JD.com can be in a bear market, off 38 % from a latest excessive. The inventory closed 2.9 % decrease Thursday.
Alibaba’s report rounds out a largely disappointing quarter for the Chinese tech giants, which are sometimes grouped underneath the acronym “BATJ” (Baidu, Alibaba, Tencent and JD.com) and rank among the many largest web firms on the earth.
Earlier this month, Hong Kong-listed Tencent reported its first profit decline in nearly 13 years, weighed down by a drop in gaming revenues amid Chinese regulators’ elevated scrutiny on the business. JD.com revenues additionally grew slower than analysts expected. Baidu did, nevertheless, report profits that topped Wall Street expectations.
Shares of Tencent fell greater than 1 % in Hong Kong Friday morning buying and selling amid declines in mainland Chinese and Hong Kong inventory markets.
— Reuters contributed to this report.