Alibaba is getting crushed after revenues miss

Alibaba posted quarterly earnings results before the opening bell on Wednesday, beating on earnings but missing on revenues.

The Chinese e-commerce giant reported revenues of 20.2 billion yuan on adjusted earnings of 3.68 yuan.

Analysts had expected adjusted EPS of 3.60 yuan on revenues of $US20.94 billion according to Bloomberg.

The company announced a share buyback program worth $US4 billion over the next two years.

Alibaba shares closed down nearly 4% on Monday at $US77.31 and touched an all-time low during the session. The stock fell as much as 7% in pre-market trading.

More to come …

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