Hong Kong

ALIBABA Group Holding Ltd sales missed estimates as founder Jack Ma spent more money to attract customers on mobile phones.

Revenue was 26.2 billion yuan (S$5.7 billion) in the third quarter, compared with the 27.6 billion yuan average of 25 estimates, the Hangzhou-based company said in a statement. Net income fell 28 per cent to 5.98 billion yuan because of compensation expenses and a one-time charge. That compared with the 8.8 billion yuan average of 19 analyst estimates compiled by Bloomberg.