Alibaba Group CEO Daniel Zhang said Wednesday the company remains confident about its growth despite negative developments in China's economy. He spoke after the e-commerce giant delivered quarterly earnings that topped analysts' expectations but revenue came in light.
Shares of Alibaba opened sharply lower on the New York Stock Exchange. (Click here to track its shares.)
China surprised markets by devaluing its currency on Tuesday to support its slowing economy. This followed a 30-percent correction in Chinese stock markets last month.
"Our company has a very clear long-term growth strategy, and we believe that this short-term movement won't affect our long-term strategy," Zhang told CNBC's "Squawk on the Street." "We will closely monitor the consumer behavior and Chinese economy as a whole."
Alibaba posted fiscal first-quarter adjusted earnings of 59 cents a share. Revenue rose to $3.27 billion from $2.54 billion a year ago.
Wall Street had expected the company to deliver adjusted earnings 58 cents a share on $3.39 billion in revenue, according to consensus estimates from Thomson Reuters.
The revenue figures came as gross merchandise volume (GMV)—the total value of goods transacted across Alibaba's platforms—rose 34 percent, also rising at its slowest pace in more than three years.