One year on from its barnstorming debut on the New York Stock Exchange, Chinese e-commerce behemoth Alibaba is weighed down by more brickbats than bouquets amid fiery competition and slumping market value.
Shares have tumbled nearly 30 percent since launching the world's largest initial public offering on September 19 2014, shaving off nearly $140 billion from the company's market value since November's peak, according to Reuters.
The company's second-quarter earnings report in August failed to excite investors, with annual gross merchandise volume (GMV)— considered a proxy for gross sales—rising at its slowest pace in over three years. More weakness is expected after the firm's head of investor relations said two weeks ago that GMV for the September quarter was below expectations.
Most recently, a prediction of a further 50 percent decline in Alibaba's stock price by Barron's triggered a swift rebuke from Hangzhou headquarters, prompting worries of more price declines ahead.
In response to concerns about poor revenues, Robert Christie, Alibaba's vice president of international media, told CNBC during a phone interview that the company was more focused on the long-term and does not manage from quarter-to-quarter, adding that the firm was unable to discuss forward looking revenues.