Alibaba posts first quarterly operating loss as a public company following record fine
The logo of Alibaba Group is seen during Alibaba Group s 11.11 Singles Day global shopping festival at the company s headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song
May 13, 2021
China’s top e-commerce platform Alibaba Group Holding Ltd on Thursday reported its first quarterly operating loss since going public in 2014 due to a record anti-monopoly fine.
Its US-listed shares fell more than 3% in volatile premarket trading, even as the company forecast 2022 revenue above market expectations, betting that the broader pandemic-driven shift to online shopping will remain resilient.
Operator
Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group s March quarter 2021 and full fiscal-year 2021 results conference call. [Operator instructions] After management s prepared remarks, there will be a question-and-answer session.
Now, I d like to turn the call over to Rob Lin, head of investor relations of Alibaba Group. Please go ahead.
Rob Lin
Head of Investor Relations
Good day and good evening, everyone, and welcome to Alibaba Group s March quarter 2021 and full fiscal-year 2021 results conference call. With us today are Daniel Zhang, our chairman and CEO; Joe Tsai, executive vice chairman; Maggie Wu, chief financial officer. This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website later today.
Anti-monopoly fine pushes Alibaba to first operating loss as public company
By Josh Horwitz and Chavi Mehta
Reuters
(Reuters) -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 U.S.-listed shares fell nearly 3% in choppy trading, even as the company forecast strong 2022 revenue, betting that the 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 $37 billion IPO of its affiliate Ant Group and a $2.8 billion fine in April for anti-competitive business practices.
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