Chinese e-commerce titan Alibaba Group Holding Ltd. said fiscal first-quarter earnings fell 41%, driven by a one-off stock compensation charge from the revaluation of its financial-services affiliate.
Alibaba’s net income for the quarter ending June 30 fell to 8.7 billion yuan ($1.27 billion), down from 14.7 billion yuan in the same quarter the previous year, the company said Thursday. The earnings beat estimates by analysts polled by FactSet. Revenue for the quarter increased 61% from the year-earlier period to 80.9 billion...