Business and Economic News has reported its first quarterly loss since Alibaba made its sale
Despite the loss, China’s leading e-commerce platform forecast revenue in 2022 above market targets, betting that the pandemic aimed at online shopping will continue to be resilient.
Alibaba Group Holding Ltd of China’s main e-commerce platform on Thursday unveiled its first operating loss in the quarter since 2014, when the country’s regulatory market set a record for antitrust fines.
Shares listed in the U.S. fell nearly 3 percent in inappropriate trading, even as the company projected high revenues in 2022, betting that the changes in the coronavirus pandemic to online shopping will remain resilient.
The technology giant reports better than expected revenue in fiscal Q4.
The NYSE-listed shares of Alibaba tanked about 3% in premarket trading.
Alibaba Group Holding Ltd (NYSE: BABA) said on Thursday its revenue in the fiscal fourth quarter topped estimates, despite swinging to a loss due to a sizeable anti-monopoly fine.
1. Financial performance
Alibaba reported £610 million of net loss for Q4 that translates to 22 pence per ADS (American Depositary Share). In the same quarter last year, it had posted £350 million of net income, or 13 pence per share. The Chinese multinational attributed its quarterly loss to a recent £2.0 billion anti-monopoly fine.
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Alibaba reports first loss as a public company
Alibaba reports first loss as a public company
May 13, 2021
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China s top e-commerce platform Alibaba Group Holding Ltd posted its first quarterly operating loss since going public in 2014 due to a record anti-monopoly fine by the country s market regulator. Share
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