Alibaba.com Profit Sinks 25 Percent

Alibaba.com Ltd. said Monday that its first-quarter net profit fell 25 percent as slowing economic growth and a shift in the company’s business model led to a decline in membership.

The drop in profit comes as Alibaba.com, which connects buyers and suppliers online, said an independent board committee advised shareholders to vote for a privatization plan proposed by parent company Alibaba Group Holding Ltd., calling it “fair and reasonable.”

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