Yahoo Falls After Alibaba Posts Slower Revenue Growth
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Yahoo Inc., whose valuation is partially pinned on its stake in Alibaba Group Holding Ltd., declined after China’s largest e-commerce company reported slower quarterly revenue growth.
The shares of Yahoo, which owns 23 percent of Alibaba, dropped 5.8 percent to $34.81 at the close in New York. Alibaba, which has filed to go public, said today that sales climbed 39 percent to 12 billion yuan ($1.9 billion) in the quarter ended March 31, down from 62 percent in the prior period.