The world’s biggest e-commerce firm is still growing rapidly, but perhaps not fast enough to satisfy investors. Alibaba’s first-quarter results today are likely to show an overall revenue gain of 35% from a year ago, to roughly 24 billion yuan ($3.7 billion). That represents a slowing from 2015’s full-year revenue increase of 45%, to 76 billion yuan. The Chinese—still by far the company’s main market—are shopping online as never before: Alibaba’s platforms now handle over 3 trillion yuan a year. But competition from other e-commerce platforms is intensifying. Moreover shopping is shifting quickly to smartphones, where transactions are smaller and less profitable, so economies of scale are diminishing and profits are getting squeezed. That explains why the firm has been hunting for lucrative acquisitions, including a recent big investment in ele.me, China’s biggest food-delivery service. Tasty dumplings—but shareholders want heartier fare.