Spreading quickly: E-commerce is gaining ground in rural China with more farmers selling their products online.
Alibaba Group Holding Ltd, China's biggest e-commerce company, said fourth-quarter sales rose 39% after its core online shopping business grew, but profit fell for the first time as it spent on ventures like food delivery.
Net income excluding extraordinary items, Alibaba's preferred measure for earnings, shrank 1.4% to 7.6 billion yuan (RM4.69bil) from the previous year, as the company continued to invest heavily in new but shakier businesses.
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