China's E-Commerce Wars Are Crushing Alibaba's Profits

Alibaba Group Holding Ltd. shares tanked on Thursday following its fiscal third-quarter results, as the e-commerce giant co-founded by Jack Ma reported revenue and earnings that missed analyst expectations. The company posted quarterly revenue of $40.73 billion, up 2% year-over-year, missing the analyst consensus estimate of $41.26 billion. On a like-for-like basis, excluding revenue from the divested Sun Art and Intime businesses, Alibaba’s revenue would have grown 9% Y/Y. The adjusted earnings per Ame ...