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Alibaba Reports First Quarterly Loss in 9 Years Post $2.8bn Fine
May 14, 2021
Chinese multinational technology company Alibaba Group Holding Limited posted a loss from operations of CNY 7.66bn ($1.17bn) after it was fined CNY 18.23bn ($2.82bn) by China’s State Administration for Market Regulation pursuant to the nation’s Anti-Monopoly Law. Other than the loss in revenues, the company reported posted spectacular first quarter earnings numbers as well as strong year end numbers. The 4Q revenue was up 40% YoY to CNY 159.9bn ($24.4bn). The active consumers for 12 months ending Mar 31, 2021 increased to 811mn, up 4% YoY and the Mobile MAUs touched 925mn, up 2.4% YoY. The Adjusted EBITDA increased 14% YoY to CNY 22.6bn ($3.45bn). In case the one-time impact of the fine was factored then the income from operations would have witnessed an increase of 48% YoY. In FY 2021, the company was revenues were up 32% YoY at CNY 674.4bn ($102.9bn). Adjusted EBITDA increased 24% YoY to CNY 170.45bn ($26.1bn). The income from operations was down 2% due to the anti-monopoly fine. The revenue guidance for FY 2020 provided by the e-commerce giant stands at over CNY 930bn ($144.3bn). Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group said that “Alibaba achieved a historic milestone of one billion annual active consumers globally in the fiscal year ended March 2021,”and added that “Our overall business delivered strong growth on a healthy foundation, with the Alibaba Ecosystem generating a record US$1.2 trillion in GMV during this fiscal year.”
Alibaba’s 3.6% 2024s and 4.5% 2034s were up 0.15 and 0.37 respectively to trade at 108.5 and 114.46 on the secondary market.
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