Chinese tech stocks slip even as Weibo reports strong Q1, Alibaba signals more hiring
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Chinese tech stocks largely fell on Thursday despite a couple of earnings reports from key companies and signs from Alibaba (NYSE:BABA) that it would continue hiring amid rumors to the contrary.
Alibaba (BABA) dipped
less than 1% as the company said it would hire 15,000 people this year, Reuters reported.
That is in stark contrast to a report earlier this week that said the company would cut employees at its cloud unit and social media rumors that the company intended to cut 20% of its workforce.
Weibo (NASDAQ:WB) shares slipped around 1.5% even as the company reported adjusted earnings of 47 cents per share, topping estimates of 45 cents per share.
Revenue declined 14.6% year-over-year during the period to $413.8M, as advertising and marketing revenue, fell 17% from the year-ago period to $355.3M.
Weibo, which is akin to Twitter, ended the period with 593M monthly active users as of March, up 11M year-over-year.
In addition to the quarterly results, Weibo (WB) declared a special dividend of 85 cents per share, payable for shareholders of record as of June 26.
NetEase (NTES) fell nearly 1% after it reported first-quarter revenue that was in-line with estimates.
Other Chinese tech stocks were mixed on Thursday, as Bilibili (BILI), Kingsoft Cloud Holdings (KC) and JD.com (JD) fell more than 1%, while Baidu (BIDU) and PDD Holdings (PDD) eked out modest gains.
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