Alibaba Slashes Sales Outlook as Competition Bites, Demand Slows

Chinese e-commerce giant Alibaba Group Holding Ltd, slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown, sending its stock tumbling 11%.

Alibaba now expects revenue for the year ending in March to rise between 20% and 23%, the slowest pace since its 2014 stock market debut and down from a May forecast of 29.5% growth. The company also undershot expectations for earnings per share in the second quarter.