A giant screen showing the gross merchandise volume transacted during Alibaba's Singles’ Day online shopping festival on November 12, 2020. Photo: Xinhua
Alibaba posts first quarterly loss in nine years after US$2.8 billion antitrust fine, spoiling the sales surge on consumer recovery
- Sales increased 64 per cent to 187.4 billion yuan, beating forecasts
- 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)
Knowledge |
China's tech billionaires
A giant screen showing the gross merchandise volume transacted during Alibaba's Singles’ Day online shopping festival on November 12, 2020. Photo: Xinhua
