Chinese tech stocks slip even as Weibo reports strong Q1, Alibaba signals more hiring [Seeking Alpha]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Chinese tech stocks slip even as Weibo reports strong Q1, Alibaba signals more hiringMay 25, 2023 9:56 AM ETAlibaba Group Holding Limited (BABA)WBNTESBIDUJDBILIPDDKCBy:Chris CiacciaSA Editormaybefalse/iStock Unreleased via Getty ImagesChinese tech stocks largely fell on Thursday despite a couple of earnings reports from key companies and signs from Alibaba (NYSE:dippedless than 1%as the company said it would hire 15,000 people this year, Reutersreported.That is in stark contrast to aWeibo (NASDAQ:slipped around 1.5%Revenue declined 14.6% year-over-year during the period to $413.8M, as advertising and marketing revenue, fell 17% from the year-ago period to $355.3M.Weibo, which is akin to Twitter, ended the period with 593M monthly active users as of March, up 11M year-over-year.In addition to the quarterly results, Weibo (declaredNetEase (fell nearly 1%Other Chinese tech stocks were mixed on Thursday, as Bilibili (More on Alibaba and its future
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