Alibaba records first quarterly operating loss since IPO

Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record USD 2.8 billion fine on the nation's largest e-commerce company for abusing its market position. The loss tied to the anti-monopoly fine was 7.66 billion yuan (USD 1,170 million) for the quarter that ended in March, though revenue growth was 64 per cent, reaching 187.4 billion yuan (USD 28.6 million).