Alibaba swings to fourth-quarter loss after swallowing US$2.8 billion antitrust fine but sales jump

//Alibaba swings to fourth-quarter loss after swallowing US$2.8 billion antitrust fine but sales jump

Alibaba swings to fourth-quarter loss after swallowing US$2.8 billion antitrust fine but sales jump

Alibaba Group Holding Limited swung to a loss in its final quarter after swallowing a record fine by China’s antitrust regulators, but reported sales that surpassed forecasts as retail consumption in its home market grew with China’s recovery from the coronavirus pandemic.The company reported a loss of 7.65 billion yuan (US$1.185 billion), after accounting for 18.2 billion yuan in fines to the State Administration for Market Regulation (SAMR). Sales jumped 64 per cent to 187.4 billion yuan for…

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By | 2021-05-13T11:31:30+00:00 May 13th, 2021|Business|Comments Off on Alibaba swings to fourth-quarter loss after swallowing US$2.8 billion antitrust fine but sales jump