Investing.com - Alibaba (NYSE:BABA) saw shares fall sharply in pre-market trade on Wednesday, after the Chinese e-commerce giant reported weaker than expected fiscal first quarter earnings ahead of the opening bell.
Alibaba reported adjusted earnings of 59 cents per share in its fiscal first quarter ended June 30, just above expectations for earnings of 58 cents per share.
The company's revenue totaled $3.27 billion, missing forecasts for sales of $3.39 billion.
"We focused our efforts on building healthy gross merchandise volume (GMV) growth, delivering the best consumer experience, and improving the quality and sustainability of merchants doing business on our marketplaces," said Daniel Zhang, Chief Executive Officer of Alibaba Group.
"GMV grew to $109 billion, a year-on-year increase of $28 billion. We also made significant progress monetizing our mobile traffic, with our mobile revenue exceeding 50% of our total China commerce retail revenue for the first time." said Maggie Wu, Chief Financial Officer of Alibaba Group.
Shares in Alibaba lost 4.32%, or $3.34, in pre-market trade to $74.00 from a closing price of $77.34 on Tuesday.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures indicated a loss of 0.9% at the open, the S&P 500 futures pointed to a decline of 0.85%, while Nasdaq 100 futures slumped 0.9%.