What happened
Shares of Alibaba Group ( BABA -4.37% ) plunged 10.9% as of 11:25 a.m. EST on Thursday, after the Chinese tech giant reported misses on both the top and bottom lines for its fiscal second quarter 2022.
So what
The news wasn't all bad. Although revenue missed estimates, it was still up an impressive 29% year over year, and the company noted that "global annual active consumers across the Alibaba Ecosystem" grew by 62 million -- up 5% -- with half that growth coming from outside China.
Now what
Granted, Alibaba explained that its profit slump was "mainly due to ... increased investments in key strategic areas" -- but a drop is still a drop, and those investments are the things that Alibaba is depending upon to drive its growth in the future.
SoftBank denies BABA share disposal
In recent Alibaba stock news on 4 February, Alibaba filed a statement with the US Securities and Exchange Commission ( SEC) registering one billion additional American Depositary Shares (ADSs). American Depositary Shares ( ADRs) are shares in non-US companies that are available for trading on a US stock exchange and denominated in US dollars.
Alibaba stock forecast for 2022: Can the BABA price get back on the growth track?
At the time of writing, on 17 February, the average price target among 28 analysts that have issued an Alibaba stock forecast for the next 12 months was $212.88 per share, according to data compiled by MarketBeat .
