Alibaba posted quarterly earnings results before the opening bell on Wednesday, and its revenues and sales growth were weaker than expected.
In early trading, the stock opened down 7% at an all-time low.
The Chinese e-commerce giant earned $3.16 billion in revenues during its first fiscal quarter, trailing the consensus estimate for $3.28 billion according to Bloomberg. Adjusted earnings per share came in at $0.58 versus $0.56 expected.
Gross merchandise volume, or the total value of goods sold through the marketplace, grew 34%, the slowest pace in three years, according to Reuters.
The company announced a share-buyback program worth $4 billion over the next two years. Its shares have fallen 18% since it went public last September.
Yahoo had announced last month that it would spin off its remaining 15% stake in Alibaba in a tax-free manner instead of selling it. Alibaba's stock is down 40% from its high, however, and so it would have been cheaper to sell the stake back then.
Yahoo shares fell 4% in premarket trading.
In the earnings statement, Alibaba CEO Daniel Zhang said, "We are excited about our top strategic priorities, including internationalization, winning in mobile, expanding our ecosystem from cities to villages, and investing in core technologies that will propel our cloud computing business."
Here's the lifetime of Alibaba's stock:
