Shares of Chinese companies, including Nio Inc – ADR (NYSE: NIO) are trading lower following worse-than-expected second-quarter results from Alibaba.
Alibaba reported quarterly earnings of $1.74 per share which missed the analyst consensus estimate of $1.93. Alibaba also reported quarterly sales of $31.15 billion which missed the analyst consensus estimate of $32.05 billion by 2.8%. This is a 36% increase over sales of $22.84 billion in the same period last year.
Shares of Chinese companies were also trading lower on Thursday. Weakness was possibly in reaction to worse-than-expected guidance from Baidu and iQIYI.
See Also: Tesla, Electric SUVs See Disappointing Reviews From Consumer Reports
Nio operates in China’s premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Nio has a 52-week high of $66.99 and a 52-week low of $30.71.
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