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Alibaba issues upbeat annual forecast on strong e-commerce trend

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.

May 13, 2021 / 06:11 PM IST
Alibaba (Source: Reuters)

Alibaba (Source: Reuters)

China's top e-commerce platform Alibaba Group Holding Ltd on Thursday 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.

China’s Ant explores ways for Jack Ma to exit as Beijing piles pressure

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.

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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.

The company'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.

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.
Reuters
first published: May 13, 2021 06:08 pm

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