Alibaba Group Holding Ltd. said its fiscal second-quarter earnings fell 60% from a year ago thanks to a one-time gain from its financial affiliate last year.
Alibaba, China’s most valuable technology company, posted net income attributable to ordinary shareholders of 28.8 billion yuan, equivalent to $4.2 billion, for the fiscal second quarter, compared with 72.5 billion yuan in the year-ago period. Excluding this one-time gain, net income would have grown 44% from a year earlier to 47.1 billion yuan.
The…
This post first appeared on wsj.com
