Weighed down by a recent antitrust fine, Alibaba Group Holding Ltd., (NYSE: BABA and HKEX: 9988), Hangzhou, China, on Thursday reported fourth-quarter revenues of 187.4 billion yuan (U.S. $28.6 billion) was a 64% increase year-over-year. Alibaba posted a net loss in the March quarter of 5.47 billion yuan.
In April, Alibaba was fined $2.8 billion by China’s State Administration for Market Regulation as part of an anti-monopoly investigation
“Alibaba achieved a historic milestone of one billion annual active consumers globally in the fiscal year ended March 2021,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “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. Such achievements were built on top of clear value propositions that we offer to consumers and merchants. We remain very excited about the growth of China’s consumption economy, which is benefiting from the acceleration of digitalization in all aspects of life and work.”
Going forward, Alibaba projected revenue in the current fiscal year, which ends in March 2022, to grow by more than 30%, reaching over 930 billion yuan ($144 billion).