NEW YORK (TheStreet) -- Shares of Chinese e-commerce company JD.com (JD) - Get Report closed down 5.04% to $24.68 on Thursday after peer company Alibaba (BABA) - Get Report reported mixed fiscal fourth-quarter results before the market open.
The Chinese e-commerce giant led by Jack Ma reported revenue of $4.22 billion for the quarter, which missed analysts' expectations of $4.45 billion. Net income plunged 28% to $957 million, or 37 cents a share, compared to the same period one year earlier. Adjusted earnings were 81 cents a share, which beat analysts' expectations of 75 cents per share.
On the conference call, Alibaba Executive Vice Chairman Joseph Tsai said accusations by China's State Administration for Industry and Commerce were "unfair" the Wall Street Journal reports. SAIC claimed that Alibaba lacks control around the selling of counterfeit and illegal products on its platforms, the Journal added.
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More than 12.1 million shares of JD.com changed hands Thursday, compared to the daily average volume of 6,913,040.