Alibaba’s revenue beat estimates after China’s e-commerce leader rode a post-pandemic recovery and began to move past an antitrust investigation, reported Bloomberg.
The company reported revenue of RMB 187.4 billion ($29 billion) in the March quarter, compared with the RMB 180.4 billion average of analysts’ estimates. But it swung to a RMB 5.5 billion net loss after the company coughed up a $2.8 billion fine for monopolistic behavior imposed by Beijing. It forecast revenue of more than RMB 930 billion for the coming year.
In US trading, Alibaba shares fell 6.28%. Executives have sought to put behind them a crackdown on Ma’s internet empire that’s shaved $260 billion off the Chinese internet behemoth’s market value. The $2.8 billion fine marked the conclusion of a four-month probe, but the threat of future action is likely to cast a shadow over Alibaba’s business for some time, reported Bloomberg.