Alibaba net income plummets 87%, with first adjusted profit decline in more than five years

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Chinese e-commerce giant Alibaba Group reported an 87% year-on-year decline in net income for the September quarter, missing expectations as the company increased investment in its young business.

Net income fell to 3.4 billion yuan ($524 million) in the quarter, compared with 26.5 billion yuan a year earlier and worse than analysts' estimates of 24 billion yuan in net income.

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