Hong Kong — Alibaba reported its fastest pace of growth in more than four years, as the e-commerce giant’s investments in arenas from cloud computing to entertainment carved out new avenues of income. Revenue at China’s biggest e-commerce company climbed 61% to 80.9-billion yuan ($11.8bn) in the three months ended June, matching the average of analysts’ estimates. Net income slid 41% to 8.7-billion yuan, topping the 7.6-billion yuan projected after taking into account an increase in the valuation of affiliate Ant Financial, which boosted the expense of shares awarded to employees. Alibaba’s ramping up spending in new arenas as it reduces its reliance on an online retail business facing increased competition from JD.com and Pinduoduo as well as a broader economic slowdown. It’s been busy expanding its Hema supermarket chain, acquiring food delivery network Ele.me and video streaming site Youku. But that spending is hurting margins: adjusted earnings per share came in at 8.04 yuan, sh...

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