Alibaba's sales surge but cloud growth slows

Alibaba has reported earnings for the first time since China imposed a record fine on the tech giant — and the numbers were not as awful as some feared.

Alibaba has reported earnings for the first time since China imposed a record fine on the tech giant — and the numbers were not as awful as some feared.

Alibaba posted a loss of about $1.2 billion in the first quarter, mainly due to the $2.8 billion fine imposed on it by Beijing earlier this year. Excluding that, net income was up 18%, to $4 billion.

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