Alibaba Group Holding Limited BABA stock is trading lower Monday in line with Chinese ETFs IShares China Large-Cap ETF FXI, KraneShares Trust KraneShares CSI China Internet ETF KWEB and IShares MSCI China ETF MCHI.
China's broader sector remains agitated amid more government transparency regarding reforms to boost the economy after the intense regulatory crackdown and pandemic restrictions fueled by U.S.'s latest sanctions on artificial intelligence technology.
Also Read: US's AI Sanctions Hamper Alibaba's Ambitions
Last week Alibaba surprised the Street with a first-quarter FY23 revenue growth of 14% year-on-year to $32.29 billion, beating the consensus of $31.20 billion. Non-GAAP earnings per ADS of $2.40 beat the consensus of $2.02.
Alibaba's net profit jumped over 50%. However, the company acknowledged the AI chips crisis hampering its ambitions.
The AI chip embargos forced Chinese companies to order in bulk.
Price Action: BABA shares traded lower by 1.59% at $94.20 premarket on the last check Monday.
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