<p>HONG KONG — Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record $2.8 billion fine on the nation’s largest e-commerce company for abusing its market position.</p>
<p>The loss tied to the anti-monopoly fine was 7.66 billion yuan ($1,170 million) for the quarter that ended in March, though revenue growth was 64%, reaching 187.4 billion yuan ($28.6 million).</p>
<p>At the opening bell on the NYSE Thursday, shares tumbled more than 6%. </p>
<p>Authorities launched an investigation into Alibaba last year and abruptly halted the $37 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>
<p>Beijing has fined multiple technology firms over antitrust violations and has since launched a probe into Alibaba rival Meituan over suspected anti-competitive behavior.</p>
<p>“We have stated that we accept the penalty with sincerity and will ensure our compliance with determination,” said Alibaba chairman and CEO Daniel Zhang in an earnings call Thursday. </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 Thursday that it expects revenue in this fiscal year, which ends in March 2022, to grow by more than 30%, reaching over 930 billion yuan ($144 billion). 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 ended March.</p>
<p>Alibaba Group Holding’s New York-listed stock has fallen 14% since Beijing announced that its investigation into the company.</p>
