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Alibaba's 37 percent on-year jump in revenue for the quarter ended December failed to calm investors worried about a regulatory crackdown by China.
The quarter included the company's big Singles Day sales blitz, which generated tens of billions of dollars last year.
According to Andy Halliwell, senior director of retail at digital consultancy Publicis Sapient, Alibaba's earnings are overshadowed by the scarcity of Jack Ma's public appearances.
Alibaba, one of the world's most valuable tech companies, has a market capitalization of over $700 billion. It generated nearly $80 billion in revenue for the fiscal year that ended last March.
However, China has become increasingly concerned about the influence that big, private tech firms have over the financial industry and other sensitive areas.
Last November, Alibaba shares dropped even after its earnings topped estimates due to regulators shelved a highly anticipated IPO from its financial affiliate, the Ant Group.
The landscape worsened for Alibaba as President Xi Jinping announced in December that one of the country's most important goals for 2021 is to strengthen anti-monopoly rules against online platforms.
An antitrust investigation into Alibaba was also announced.
Meanwhile, the Ant Group was criticized for taking advantage of regulatory loopholes for profit, harming consumer rights, and edging out rivals from the market place. It was told to overhaul its online financial business.
Alibaba's New York-listed shares plummeted about 17 percent since a late October peak, wiping off over $140 billion from its market capitalization.
