Chinese e-commerce giant Alibaba (NYSE:BABA) has fallen 6.9% after releasing disappointing Q1 results.

Revenue was $3.2 billion, up 28% on the year before, but lower than analysts’ expectations of $3.39 billion.

In early trading the stock hit its lowest price ever, with Ihares falling 18% since it went public last September.

Alibaba Group’s chief financial officer Maggie Wu said: “We made significant progress monetising our mobile traffic, with our mobile revenue exceeding 50% of our total China commerce retail revenue for the first time.”

Gross merchandise volume also slowed, growing at its slowest pace in three years. However, the company reported revenue growth fuelled by sales from tablets and online.

Alibaba operate China’s largest online sales platform, Taobao Marketplace and several online wholesale marketplaces. The stock is currently trading at 72.25 cents per share.