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Garnry: Don’t dismiss Alibaba
Investors punished Alibaba after the company’s quarterly results fell short of expectations. But Saxo Bank’s Head of Equity Strategy Peter Garnry says investors shouldn’t dismiss Alibaba as it has only just started on its journey to success.
Whiles sales rose 40% year-on-year and Alibaba reported revenues at 26.2 billion yuan ($4.2 billion), it was less than the 27.6 billion yuan expected by analysts, prompting investors to dump the stock.
It is the second time that Alibaba has reported quarterly earnings following its record-breaking IPO last year. Peter Garnry says the company continues to offer enormous potential to investors, because of its very capital-light business model and domination of online retail in China, where consumption continues to grow.
02:23 minutes
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