Alibaba records first quarterly operating loss since IPO

Workers pass by the logo for Alibaba (Ng Han Guan/AP)

China’s largest e-commerce company Alibaba has recorded its first quarterly operating loss since it went public in 2014 after Beijing slapped a record 2.8 billion dollar (£2 billion) fine on the firm for abusing its market position.

The loss tied to the anti-monopoly fine was 7.66 billion yuan for the quarter that ended in March, though revenue growth was 64%, reaching 187.4 billion yuan.