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		</div><p>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.</p>
<p>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.</p>
<p>At the opening bell on the New York Stock Exchange on Thursday, shares tumbled more than 6%.</p>
<p>Authorities launched an investigation into Alibaba last year and abruptly halted the 37 billion dollar (£26 billion) initial public offering of shares from its financial affiliate Ant Group as Beijing grew increasingly concerned over the growing influence of technology giants in China.</p>
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<p>Beijing has fined multiple technology firms over antitrust violations and has since launched a probe into Alibaba rival Meituan over suspected anti-competitive behaviour.</p>
<p>“We have stated that we accept the penalty with sincerity and will ensure our compliance with determination,” said Alibaba chairman and chief executive Daniel Zhang in an earnings call.</p>
<p>“The penalty decision motivated us to reflect on the relationship between a platform economy and society as well as our social responsibilities and commitments,” he said.</p>
<p>The company said it expects revenue in this fiscal year, which ends in March 2022, to grow by more than 30%, reaching over 930 billion yuan.</p>
<p>That is better than most industry analysts are expecting.</p>
<p>It also reported a total of 811 million annual active users for the quarter ending in March.</p>
<p>Alibaba Group Holding’s New York-listed stock has fallen 14% since Beijing announced its investigation into the company.</p>
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