Alibaba shares fell 7.6% yesterday after the Chinese e-commerce giant missed fiscal fourth-quarter expectations. Revenue reached 236.5 billion RMB ($32.6 billion), up 7% YoY but below the 237.2 billion RMB forecast. Net income was 12.4 billion RMB against 24.7 billion RMB expected, despite a 279% YoY increase. The core Taobao and Tmall division saw 9% revenue growth to 101.4 billion RMB, while cloud revenue accelerated 18% to 30.1 billion RMB, driven by AI adoption. Alibaba recently introduced one-hour deliveries on Taobao amid intense competition from PDD and JD.com.