Alibaba reports first quarterly loss since going public
Al Jazeera
Despite the loss, China’s top e-commerce platform forecast 2022 revenue above market targets, betting that the pandemic-driven shift to online shopping will remain resilient.
China’s top e-commerce platform Alibaba Group Holding Ltd on Thursday posted its first quarterly operating loss since going public in 2014 due to a record anti-monopoly fine by the country’s market regulator. Its United States-listed shares fell nearly 3 percent in choppy trading, even as the company forecast strong 2022 revenue, betting that the coronavirus pandemic-driven shift to online shopping will remain resilient. The outlook, however, was overshadowed by a regulatory crackdown in China that led to the suspension of a $37bn initial public offering of its affiliate Ant Group and a $2.8bn fine in April for anti-competitive business practices.
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