Alibaba reports first loss as a public company

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Alibaba reports first loss as a public company

China’s top e-commerce platform, Alibaba has reported its first quarterly operating loss since going public in 2014. The hit reported on Thursday was due to a record anti-monopoly fine its U.S. listed shares fell around 3% in pre-market trading, even as the company forecast 2022 revenue above market expectations.

Alibaba expects annual revenue to exceed 144 billion dollars for the fiscal year and is betting. The global shift to online shopping will remain resilient, but the strong outlook was overshadowed by a regulatory crackdown that resulted in the suspension of a 37 billion dollar IPO for the affiliate and group, as well as a 2.8 billion dollar fine for anti-competitive business practices, the charge by U.S. regulators in April was the largest ever of its kind, that left Alibaba to post a loss of around 849 million dollars.

The firm’s U.S. listed shares have fallen more than 30 percent since hitting a record high in late October. That was when founder Jack Ma delivered a speech in shanghai, criticizing China’s Financial regulators.

 

Source : Youtube