Chinese e-commerce giant Alibaba Group Holding Ltd. said its profit fell 29% from a year ago, as it spent on acquisitions to expand overseas and into brick-and-mortar retail.
Alibaba’s fourth-quarter earnings of 7.56 billion yuan ($1.21 billion), was down from 10.65 billion yuan in the same quarter the previous year, the company said Friday. That fell short of a forecast of 7.7 billion yuan by analysts polled by S&P Global Market Intelligence.
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