Alibaba swings to a fourth-quarter loss after swallowing US$2.8 billion antitrust fine
Sales increased 64 per cent to 187.4 billion yuan, in line with analysts’ estimates
The company swung to a loss of 7.65 billion yuan, after paying out US$2.8 billion in fines to the State Administration for Market Regulation (SAMR)
Full-year revenue rose 41 per cent to 717.3 billion yuan. The company has projected full-year revenue to jump 82 per cent to a record 930 billion yuan.
The Alibaba Ecosystem generated a record US$1.2 trillion in gross merchandise volume (GMV).
Active consumers on the company’s e-commerce retail platforms rose 41 per cent in Alibaba’s last financial year to 811 million users.
Alibaba is China’s largest provider of cloud computing services. The division’s revenue grew 50 per cent last year to 60.12 billion yuan, driven by customers in the internet, public sector and financial industries, with the quarter’s growth increasing 37 per cent to 16.76 billion.
Source: SCMP
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