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Alibaba profits miss expectations Alibaba revenues miss expectations
(about 4 hours later)
Chinese e-commerce giant Alibaba missed profit expectations reporting its slowest quarterly growth in three years. Chinese e-commerce giant Alibaba has missed revenue expectations, reporting its slowest quarterly growth in three years.
Revenue was $3.2bn (£2.05bn), up 28% compared with last year, but lower than analysts' expectations of $3.39bn.Revenue was $3.2bn (£2.05bn), up 28% compared with last year, but lower than analysts' expectations of $3.39bn.
The company also saw sales volume increase by 34%.The company also saw sales volume increase by 34%.
Alibaba earlier announced that it will invest $4.6bn in a 19.99% stake in China's largest physical electronics retailer, Suning.Alibaba earlier announced that it will invest $4.6bn in a 19.99% stake in China's largest physical electronics retailer, Suning.
Shares in the company dropped almost 7% on the news.
Retail analyst Neil Saunders at Conlumino pointed out that Alibaba's revenue growth over the past financial year was 39%, and reached 59% in the year before that: "This is not to infer criticism of Alibaba, but it does suggest that its core Chinese business has now reached a level of maturity that will dampen future growth rates."
Alibaba, founded by prolific entrepreneur Jack Ma, also reported a jump in revenue from people buying on mobile phone and tablet devices.Alibaba, founded by prolific entrepreneur Jack Ma, also reported a jump in revenue from people buying on mobile phone and tablet devices.
The business also owns China's largest online shop, Taobao.com.The business also owns China's largest online shop, Taobao.com.
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."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."