Net loss after a $ 2.8 billion antitrust fine

Alibaba Group Holdings Ltd in Hangzhou, China, Wednesday, March 24, 2021. Headquarters sign.

Qilai Shen | Bloomberg | Getty Images

Guangzhou, China — Alibaba While earnings were higher than expected, huge antitrust fines received last month put pressure on earnings and turned to net losses in the fourth quarter.

Here’s how Alibaba did for the Refinitiv quote:

Revenue: 187.39 billion ($ 28.6 billion) vs. Estimated 180.41 billion yuan, up 64% from the previous year.

Earnings per share: 10.32 yuan ($ 1.58) vs. per share.. It is estimated to be 11.12 yuan per share, an increase of 12% over the previous year.

Alibaba posted a net loss of 5.47 billion yuan in the March quarter. Refinitiv estimates that the market expected a net profit of 6.95 billion yuan.

Alibaba hopes that the latest results may set it apart from the company’s recent troubles with regulators, which began at $ 34.5 billion. The initial public offering of Ant Group, a financial technology affiliate, was withdrawn in November...

Since then, over $ 240 billion has been wiped out of Alibaba’s stock as regulatory scrutiny continues. Received a huge fine of 18.23 billion yuan ($ 2.8 billion) As a result of an antitrust investigation.

Alibaba said the loss from the business was 7.66 billion yuan as a result of the fine. However, excluding that, operating revenue was 10.56 billion yuan, an increase of 48% over the previous year.

China is expanding its crackdown on its domestic technology sector.Market regulators last month Food delivery giant Meituan has begun investigating “suspicious monopoly practices”, Alibaba’s is a competing company.

Alibaba’s US stocks fell 0.6% in pre-market trading.

China’s e-commerce giant said it expects to generate 930 billion yuan in revenue in fiscal year 2022. That’s about 29.65% year-over-year growth. Net loss after a $ 2.8 billion antitrust fine

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