Alibaba's net income falls 69% to $1.06 billion
China-based e-commerce firm Alibaba Group on Wednesday reported a 69% year-on-year decline in net income for the quarter ended September to $1.06 billion. However, revenue for the quarter rose 55% to $5.14 billion during the period under review. Further, the company's media and digital entertainment business saw revenues rise 302%, mostly due to the consolidation of site Youku Tudou.