Shares of Alibaba (NYSE: BABA) are down over 6% in pre-open Thursday after the company reported disappointing FQ2 results.

Alibaba reported Q2 EPS of $1.74 to miss on the analyst estimate of $1.93. Revenue for the quarter came in at $31.15 billion versus the consensus estimate of $32.05 billion.

“This quarter, Alibaba continued to firmly invest into our three strategic pillars of domestic consumption, globalization, and cloud computing to establish solid foundations for our long-term goal of sustainable growth in the future,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group.

On the guidance front, Baba said that it expects FY22 sales to grow 20% to 23% YoY, which marks the slowest pace since its 2014 debut.

Sales slowdown coincides with Alibaba's Singles Day performance that yielded 8.5% growth - the slowest ever.

GMV for the 11-day Singles' Day event that ended on Thursday jumped to 540.3 billion yuan ($84.5 billion), compared with 26% growth last year.