Alibaba Profit Dips on New Retail InvestmentsEven as spending spree weighs on profit, management forecasts a hefty 60 percent revenue growth for the upcoming fiscal year.

[Collection]BEIJING — Internet juggernaut Alibaba Group reported quarterly net income that fell nearly 30 percent as it spent heavily to maintain its lead in the competitive e-commerce space, even as it reported better-than-expected revenue growth of 61 percent for the quarter ended March 31. The Chinese firm has delivered breakneck growth rates with consecutive quarterly revenue gains of over 50 percent for two years, and management is forecasting even further acceleration for the upcoming fiscal year. “We expect overall revenue growth above 60 percent, reflecting our confidence in our core business as well as positive momentum in new businesses,” said Maggie Wu, chief financial officer of Alibaba Group. Alibaba’s investments — from the buy out of Ant Financial, food delivery service Ele.me worth $9.5 billion to a further $2 billion investment in its Southeast Asian platform, Lazada, and acquisition of logistics arm Cainiao – weighed down  its quarterly profit, which fell 29 percent year over year to 7.56 billion renminbi, or $1.21 billion. However, the company stated in its earnings presentation that “the investment in user and user experience resulted in increasing market leadership and greater user growth.” Revenue for the quarter increased 61 percent from the year-earlier period to 61.93 billion renminbi, while full year

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