Alibaba profits miss expectations

Chinese e-commerce giant Alibaba missed profit 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.

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, 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.

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.”