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Alibaba revenue surpasses expectations due to online shopping boom in pandemic

(Reuters) – Online retail giant Alibaba Group reported a 64% increase in its quarterly revenue on Thursday, well above market forecasts as more people shopped online due to the coronavirus pandemic.

But the robust performance was overshadowed by intense regulatory pressure that led to the suspension of a $ 37 billion IPO for subsidiary Ant Group and a $ 2.8 billion fine for anti-competitive practices.

Alibaba posted a net loss attributable to ordinary shareholders of 5.48 billion yuan, or $ 1.99 per share in US ADS, compared with a profit of 3.16 billion yuan, or 1.16 yuan per ADS, reported therein. period the previous year.

Competition with smaller rivals is also increasing, after Pinduoduo Inc surpassed Alibaba by becoming China’s largest online trading platform by user volume.

Alibaba shares listed on the US stock market have fallen more than 30% since hitting an all-time high in October, when founder Jack Ma gave a speech in Shanghai criticizing China’s financial regulators.

Revenue rose to 187.4 billion yuan ($ 29.03 billion) in the three months ended March 31, above sales of 180.41 billion yuan that 30 analysts had estimated in a Refinitiv survey.

($ 1 = 6.4545 yuan)

(Report by Chavi Mehta in Bengaluru. Edited in Spanish by Marion Giraldo)

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