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Alibaba stock drops over 5% pre-market in the US
Alibaba drops over 5% in pre-market trading on the US stock market, currently at $127.33. Alibaba announced that revenue for the third fiscal quarter was 284.84 billion RMB, a year-over-year increase of 2%, compared to an estimated 289.79 billion RMB; adjusted net profit was 16.71 billion RMB, compared to an estimated 31.6 billion RMB. Alibaba’s third fiscal quarter adjusted EBITDA was 34.06 billion RMB, compared to an estimated 39.62 billion RMB.