Maggie Wu, chief financial officer of Alibaba Group, said growth in the cloud computing division as well as robust demand in its retail unit had helped to drive earningsA fine of almost $3 billion imposed by Beijing officials has dragged the Chinese digital retail group Alibaba into the red for the first time since it went public eight years ago. Alibaba’s quarterly operational loss was 7.66 billion yuan, or $1.17 billion. A year before, it had posted a profit of 7.13 billion yuan. Alibaba, which listed in New York in 2014, is Asia’s most valuable public company. Most of its revenue comes from fees it charges for trading goods and services on its online marketplaces,

Source: The Times May 13, 2021 23:02 UTC