Earnings worries fueled a downward spiral of stocks in Hong Kong on Friday, after the nation’s e-commerce giant Alibaba Group Holding Ltd. reported disappointing results.Earnings worries fuelled a downward spiral of stocks in Hong Kong on Friday, after the nation’s e-commerce giant Alibaba Group Holding reported disappointing results.
Alibaba is the latest technology company that has missed estimates in this earnings season, after online gaming giant Tencent’s revenue came in below estimates last week. Among the 16 companies that have reported quarterly earnings on the Hang Seng Tech index, seven have fallen behind market expectations, Bloomberg-compiled data show.
Still, investors are rewarding firms that could still deliver positive earnings surprises amid a challenging macro environment. JD.com, a major rival of Alibaba, saw its shares jumping as much as 6.8% in Hong Kong to the highest in eight months, after announcing its third quarter revenue that beat analyst forecasts.
Because their shipping is so high now.
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