Chinese ecommerce group Alibaba swung to its first quarterly loss since its US listing six years ago as a record fine levied by Beijing authorities weighed on its earnings.
On Thursday, a month after it was hit with a $2.8bn penalty for allegedly abusing its market dominance, the company reported a net loss of Rmb5.5bn ($836m) on Rmb187bn in revenues for the quarter from January to March.
Revenues rose 64 per cent year on year, boosted by the acquisition of a supermarket chain last year, and came in ahead of analyst expectations.
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