Alibaba Posts Operating Loss Of $1.2 Billion Following Antitrust Regulator’s Record Fine

Alibaba Posts Operating Loss Of $1.2 Billion Following Antitrust Regulator’s Record Fine

Jack Ma listens during the annual meeting of the World Economic Forum in Davos, Switzerland, ... [+] Wednesday, Jan. 24, 2018. Alibaba Group reported its first quarterly operating loss since the company went public after getting hit with a massive fine imposed by China's antitrust regulators. The Chinese e-commerce giant posted an operating deficit of 7. 7 billion yuan ($1. 2 billion) for its fourth quarter ended March. The loss came after Alibaba was hit with China' highest-ever fine of 18. 2 billion yuan for engaging in monopolistic business practices. The tech firm said it would have reported a 48% increase in operating income year-on-year at 10. 6 billion yuan without the penalty. Full-year operating income stood at 89. 68 billion yuan, down 2% year-over-year. The regulator's punishment was also reflected in Alibaba's bottom line. The Hangzhou-based behemoth saw a net loss of 5. 5 billion yuan in the three months ended March. It reported a full-year net income of 150. 3 billion yuan. "During the past fiscal year, we have gone through all kinds of challenges, including the Covid-10 pandemic, fierce competitions as well as the anti-monopoly investigation and penalty decision by Chinese regulators," CEO Daniel Zhang said in