Alibaba (BABA) Tumbles As China Economy Shows Weakness

Alibaba, the Chinese e-commerce giant, unveiled plans to spin off its cloud division into a separate publicly-traded company, alongside reporting quarterly revenue that fell short of market expectations. The group's total revenue for the period amounted to $29.6B, marking a slight 2% increase YoY, but narrowly missing the forecasted $29.8B. Despite recent economic data indicating an 18.4% surge in China's retail sales in April and a 4.5% growth in the economy for Q1 - the fastest annual pace, Alibaba's sales did not experience the expected boost. As a dominant player in the Chinese online retail market, Alibaba operates two major e-commerce platforms - Taobao and Tmall.

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