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Alibaba Group Holding Ltd.’s quarterly revenue missed projections, reflecting a persistent Chinese consumer downturn as well as intense rivalry in the critical field of AI.
Revenue for the three months ended March rose 7% to 236.5 billion yuan ($32.8 billion), versus an average estimate of (237.9 billion yuan). Net income almost quadrupled to 12.4 billion yuan in part because of gains from equity investments. Its shares fell more than 6% in pre-market trading.
Alibaba, a barometer of the Chinese consumer economy because of its sprawl, had benefited…
