Alibaba Stock Falls After Reporting Slower-Than-Expected Sales Growth
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Alibaba Group stock fell early Thursday, after the China e-commerce and cloud-computing giant reported March quarter earnings and sales that missed Wall Street forecasts. Alibaba reported adjusted earnings of 12.52 yuan per American depositary share on sales of 236.45 billion yuan, or $32.8 billion, for the March-ended quarter. Adjusted earnings for Alibaba's fiscal fourth quarter increased 23% in local currency on a per-share basis.
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