Its U.S.-listed shares fell more than 3% in volatile
premarket trading, even as the company forecast 2022 revenue above market
expectations, betting that the broader pandemic-driven shift to online shopping
will remain resilient.
But the strong outlook was overshadowed by a regulatory
crackdown that resulted in the suspension of a $37 billion IPO of its affiliate
Ant Group and a $2.8 billion fine for anti-competitive business practices.
The fine by China's markets regulator in April was the
largest-ever of its kind.
Alibaba forecast annual revenue to be 930 billion yuan
($144.12 billion) for the fiscal year ended March 2022, above analysts' average
estimate of 928.25 billion yuan.
It posted a net loss attributable to ordinary shareholders
of 5.48 billion yuan, or 1.99 per American depository share (ADS), mainly due
to the anti-monopoly fine.
Excluding items, Alibaba earned 10.32 yuan per ADS, below
expectation of 11.11 yuan.
Core commerce revenue rose 72% to 161.37 billion yuan in the
quarter, powered by the company's China retail marketplaces and ongoing
consumer adoption of e-commerce in the wake of the pandemic.
Revenue rose to 187.4 billion yuan ($29.03 billion) in the
three months ended March 31, higher than 180.41 billion yuan forecast by 30
analysts compiled by Refinitiv.
Alibaba's U.S. listed shares have fallen more than 30% since
hitting a record high in late October when its founder Jack Ma delivered a
speech in Shanghai criticizing China's financial regulators.
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