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Alibaba records first quarterly operating loss since IPO

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HONG KONG – Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record $2.8 billion fine on the nation's largest e-commerce company for abusing its market position.

The loss tied to the anti-monopoly fine was 7.66 billion yuan ($1,170 million) for the quarter that ended in March, though revenue growth was 64%, reaching 187.4 billion yuan ($28.6 million).

At the opening bell on the NYSE Thursday, shares tumbled more than 6%. Authorities launched an investigation into Alibaba last year and abruptly halted the $37 billion initial public offering of shares from its financial affiliate Ant Group as Beijing grew increasingly concerned over the growing influence of technology giants in China.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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