Alibaba's profit in Q4 tumbles due to equity investments, New York-listed stock plunges

Chinese e-commerce company Alibaba Group Holding on Tuesday posted a greater-than-expected decline in profit for the fourth quarter due to its equity investments, sending its stock price plunging in New York. Its net income for the quarter ended March was 3.3 billion yuan ($453 million), down 86% compared to the same time last year and missing analyst estimates. Alibaba said this was primarily due to a lower market value of its equity investments. Revenue however beat estimates and was up 7% to 221.8 billion yuan ($30.7 billion), as the company in recent months refocused its efforts to grow its e-commerce business amid growing competition from rivals such as Pinduoduo and Douyin as well as a slowing Chinese economy.