Top 5 Losers Today

2. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 106

Shares of Alibaba Group Holding Limited (NYSE:BABA) turned red before the opening bell today. The drop came after the Chinese e-commerce giant posted lower-than-expected sales for the third quarter.

Alibaba Group Holding Limited (NYSE:BABA) primarily took a hit from weak consumer spending and soft economic activity due to frequent lockdowns in China. Moreover, intensifying competition from rivals like Pinduoduo also hurt its growth.

For the third quarter, Alibaba Group Holding Limited (NYSE:BABA) posted revenue of $29.12 billion, representing a surge of just 3 percent on a year-over-year basis. The numbers missed the consensus of $29.44 billion. On the bright side, the adjusted earnings of $1.82 per ADS surpassed the expectations of $1.64 per share.

Speaking on the results, CFO Toby Xu said in a statement:

“We generated another quarter of healthy revenue growth of 3% year-over-year in spite of the impact on consumption demand by the COVID-19 resurgence in China as well as slowing cross border commerce due to increasing logistics costs and foreign currency volatility.”