News Snapshot:
maybefalse/iStock Unreleased via Getty Images Did Alibaba Beat/Miss Q2 Earnings Estimates? In light of reporting a somewhat mixed quarter, Alibaba Group Holding Limited (NYSE:BABA) stock is tanking by -9% in pre-market hours at the time of writing. For Q2 FY2024, Alibaba reported revenues of $30.81B (vs. est. $31.04B) and normalized EPS of $2.14 (vs. est. $2.09). SeekingAlpha Why did BABA stock go up/down after reporting Q2 earnings? While a top-line miss is never ideal, Alibaba's revenue in local currency [RMB] grew +9% y/y and this number was slightly better than consensus street estimates. Hence, Mr. Market's negative reaction to Alibaba's...
