Chinese E-commerce giant Alibaba reported on Tuesday that net income for its fourth quarter plunged to 3.27 billion Chinese yuan ($453 million) from last year's 23.52 billion yuan.
Excluding items, adjusted net income for the quarter was 24.42 billion yuan compared to the prior year's 27.38 billion yuan.
The company's revenue for the quarter grew 7% to 221.87 billion yuan from 208.20 billion yuan last year.
The board of directors also approved a two-part dividend.