HANGZHOU, China -- Alibaba Group Holding Ltd. (BABA) on Tuesday reported fiscal first-quarter net income of $6.99 billion.

       The Hangzhou, China-based company said it had net income of $2.54 per share. Earnings, adjusted for one-time gains and costs, came to $2.57 per share.

       The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.16 per share.

       The online retailer posted revenue of $31.87 billion in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $32.49 billion.

       Alibaba shares have decreased 14% since the beginning of the year. The stock has fallen 20% in the last 12 months.

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       This story has been corrected to show that Alibaba is based in Hangzhou, China, not Hong Kong.

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       This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BABA at https://www.zacks.com/ap/BABA