NEW YORK – Chinese e-commerce company Alibaba Group says its net income fell as it faced higher one-time costs but its adjusted earnings beat expectations.
Continue Reading Below
Revenue fell short of analysts' expectations however. Its shares fell 6.2 percent in premarket trading.
The news comes as the company, which went public in September in the U.S. in the biggest IPO ever, is facing scrutiny from Chinese regulators about counterfeit goods.
Net income fell 28 percent to 5.84 billion yuan ($957 million), or 37 cents per share, from 8.27 billion yuan a year ago. Excluding one-time stock option and other costs earnings totaled 81 cents per share. That beat analyst expectations of 75 cents per share, according to a survey by FactSet.
Revenue rose 40 percent to 26.18 billion yuan ($4.22 billion) from 18.75 billion yuan. That fell short of expectations of $4.44 billion.