Alibaba’s revenue beats but swings to loss on antitrust fine
Alibaba Group Holding Ltd.’s revenue beat estimates after China’s e-commerce leader rode a post-pandemic recovery and begins to move past a bruising antitrust investigation.
Jack Ma’s flagship e-commerce firm reported revenue of 187.4 billion yuan ($29 billion), compared with the 180.4 billion yuan average of analysts’ estimates. But it swung to a 5.5 billion yuan net loss, after the company swallowed a $2.8 billion fine for monopolistic behavior imposed by Beijing. It forecast revenue of more than 930 billion yuan for the coming year.
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.