Alibaba losses highlight mixed day for Chinese tech stocks
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Chinese tech stocks put in a mixed performance Thursday, with Alibaba (NYSE:BABA) in the spotlight following its better-than-expected quarterly earnings report.
Alibaba (BABA) shares climbed more than 5% in early trading, but were down by almost 2% as trading progressed. While Alibaba (BABA) reported earnings and sales that topped analysts' expectations, concerns began to emerge over the company's growth rates as it emerges from China's widespread COVID-19 lockdowns and societal restrictions.
Among other leading Chinese Internet and tech companies, NetEase (NTES) was down by 4.5% after it reported fourth-quarter revenue that rose from a year ago, but also fell shy of Wall Street's expectations.
JD.com (JD) shares were off by less than 1%, PinDuoDuo (PDD) shares rose almost 4%, Tencent Holdings (OTCPK:TCEHY) slipped by 1%, Weibo (WB) edged into positive territory and JOYY Inc. (YY) edged into the red.
Baidu (BIDU) shares were just above their breakeven point. On Wednesday, Baidu (BIDU) Chief Executive Robin Li said the company would "fully integrate" its conversational artificial intelligence chatbot across all of its operations. Li said Baidu's (BIDU) ERNIE bot would soon be integrated into company offerings such as search and AI Cloud.