Alibaba's sales grew 29% last quarter from a year ago, to $31.1 billion. Wall Street was expecting revenue of $32.1 billion. Earnings per share fell 38% from a year ago and were below expectations. The company said that sales for its current fiscal year should rise between 20% and 23% from a year ago. Analysts were predicting growth of nearly 28%. Alibaba and fellow Chinese tech giants Tencent, Baidu and TikTok owner ByteDance have been subject to increased regulatory scrutiny from the Chinese government in the past year. Last November, Beijing yanked the IPO for Alibaba's Ant Group affiliate, which owns payment app giant Alipay. In the year that followed, the Chinese government's regulatory might has changed industries ranging from tech and finance to gaming, entertainment and private education. In April, regulators slapped a record $2.8 billion fine on Alibaba, accusing it of behaving like a monopoly.