Chinese e-commerce giant Alibaba Group Holding Ltd. slashed its forecast for annual revenue growth on increased competition and a regulatory clampdown, sending its stock tumbling 11 percent.
Alibaba now expects revenue for the year ending in March to rise between 20 and 23 percent, the slowest pace since its 2014 stock market debut and down from a May forecast of 29.5 percent growth. The company also undershot expectations for earnings per share in the second quarter.
