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Alibaba stock was tumbling Thursday after the Chinese e-commerce giant’s quarterly results fell well short of expectations and the company cut its sales outlook for the full year.
U.S.-listed shares of Alibaba (ticker: BABA) fell near 5.5% in premarket trading Thursday. The stock has declined almost 30% this year amid a broad crackdown by Beijing on Chinese technology companies. Alibaba‘s Hong Kong-listed shares (9988.H.K.) slipped 5.3% Thursday ahead of earnings.