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Daily Briefing stocks under pressure as sales slow down

Nov 20, 2018 by The Passage Team stocks under pressure as sales slow down

Chinese e-commerce firm Inc’s shares came under further pressure on Monday after the company reported its slowest quarterly revenue growth since its initial public offering in 2014., which is backed by Walmart Inc, Alphabet Inc’s Google and China’s Tencent Holdings, has already lost nearly half of its market value this year as it fights intense competition for Chinese online consumers.

On Monday executives said slower sales in its core e-commerce business, particularly big ticket items, dented third-quarter earnings growth, adding that they expect an upturn in profits next year. While revenue rose 25 percent from the same period a year earlier, it lagged analysts’ forecasts and was well below previous growth rates, which peaked at over 60 percent in 2015.

Source: Reuters

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