Alibaba Group shares slip on revenue warning

Shares in Alibaba Group (9988) have dropped by 0.74 percent at HK$215.60 following solid earnings.

Finance chief Maggie Wu said most of Alibaba’s businesses that rely on the sale of physical goods would likely see a decline in revenues this quarter. “We like other businesses are not immune to supply and demand,” she said, Reuters reports. “Their recovery and long term success will translate to long term growth for Alibaba Group.”

Net income for the quarter ending December 31, was 52.31 billion yuan from 33.05 billion yuan.