Net revenue at Chinese e-commerce company Alibaba fell 39% in its second quarter as the business concentrated on more acquisitions and investment in its mobile and marketing side.
However, revenue rose 54% on strong user demand for the company which does not hold stock but links buyers and sellers to each other.
Alibaba, which operates popular e-commerce platforms Taobao and Tmall in China, went public on the New York Stock Exchange in September in a $25bn (£15.6bn) initial public offering that was the largest ever.
The company's platforms account for some 80% of the fast-expanding Chinese online business.
Chinese shoppers are predicted to have tripled their online spending between 2011 and 2015.
After that, Alibaba says it plans to expand into emerging markets and, eventually, into Europe and the U.S.
For the three months ended 30 September net income after paying preferred dividends fell to $485m (£303m), or 20 cents (12p) per share.
Excluding one-time items, net income, as expected, was 45 cents (27p) per share.
Alibaba said the fall was due partly to a $490m (£306) stock-option expenses due to performance-based and retention grants to some executives before its IPO, with vesting periods of four to six years.
Other costs that the company took during the quarter included consolidating newly acquired businesses, investing in its mobile operating system and digital entertainment, and marketing costs.
Revenue, as expected, was strong at $2.74bn (£1.71bn) and above analyst expectations.
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