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Business

Alibaba shares breakdown despite strong results

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Opening sequence

Business

Alibaba shares breakdown despite strong results

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COMING UP:Alibaba shares breakdown despite strong results

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Transcript

00:00:01
>> Online giant Alibaba not showing any signs of a drag from the slowing Chinese economy. Wednesday saying sales surged 55% in the July to September period marking the second straight quarter of robust sales for China's biggest e-commerce company. Alibaba is on track to bring in $20 billion in revenues, this year alone, says Reuters breaking news columnist, John Foley.
00:00:24
>> Consumers are doing quite well in China, but also Alibaba's capturing market share both from other online retailers and also from traditional shops in the real world. One of the big surprises or the interesting things about these results is actually about a fifth of Alibaba's revenue no longer comes from selling stuff from e-commerce, it comes from other things, new fangled things like cloud computing, artificial intelligence, making maps, big data, all this kind of stuff.
00:00:48
>> And taking a page from Amazon's successful play book, Alibaba's foray Intermedia and Digital Media Entertainment, seeing it's revenues triple from a year ago. All positive signs, as Alibaba gears up for 11/11, AKA singles day. Arguably the biggest online shopping day of the year, anywhere in the world.
00:01:08
But a rally in the stock short lived as investors concerned about an ongoing investigation into accounting practices by the US Securities and Exchange Commission pushed the stock below $99 for the first time since September.