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Alibaba Stock Sinks as Profit Plunges on Investment Losses [Video]

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Ecommerce

American depositary receipts (ADRs) of Alibaba Group Holding (BABA) sank as the Chinese e-commerce giant’s profit plunged on investment losses.

Alibaba said its fiscal fourth-quarter net income fell 86% over the year to 3.27 billion Chinese yuan ($453 million). Adjusted earnings for the quarter ended March were CNY10.14 ($1.40) per ADS. Both were below forecasts. A 7% increase in revenue at CNY221.9 billion ($30.73 billion) beat estimates.

The company blamed the profit decline primarily on “a net loss from our investments in publicly-traded companies during the quarter, compared to a net gain in the same quarter last year, due to the mark-to-market changes.”

Alibaba’s revenue got a boost from its core Taobao and Tmall Chinese online shopping business, which posted a 4% increase in sales to CNY93.22 billion ($12.91 billion).

In addition, the company announced that the board has approved a special two-part dividend made up of an annual regular cash dividend of $0.125 per ordinary share …

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