China's top e-commerce platform Alibaba has reported its first quarterly operating loss since going public in 2014.
The hit reported on Thursday (May 13) was due to a record anti-monopoly fine.
Its U.S.-listed shares fell around 3 percent in pre-market trading, even as the company forecast 2022 revenue above market expectations.
Alibaba expects annual revenue to exceed $144 billion for the fiscal year.
And is betting the global shift to online shopping will remain resilient.
But the strong outlook was overshadowed by a regulatory crackdown.
That resulted in the suspension of a $37 billion IPO for affiliate Ant Group.
As well as a $2.8 billion fine for anti-competitive business practices.
The charge by Chinese regulators in April was the largest-ever of its kind.
That left Alibaba to post a loss of around $849 million.
The firm's U.S. listed shares have fallen more than 30% since hitting a record high in late October.
That was when founder Jack Ma delivered a speech in Shanghai criticizing China's financial regulators.