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China tech

Alibaba earnings drop on increased investment in new businesses

Chinese online retail leader expands stock buyback plan by 50%

Alibaba's quarterly revenues fell slightly short of analyst estimates.   © Reuters

HONG KONG -- Net profits for Alibaba Group Holding declined 8% last quarter as the Chinese e-commerce conglomerate stepped up investments in new businesses to fend off rivals.

During the April-June quarter, Alibaba reported revenues of 205.74 billion yuan ($31.83 billion), up 34% from the same period last year. This slightly missed the average market estimate of 209 billion yuan, according to a survey of analysts by Refinitiv.

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