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Alibaba posts revenue miss, hikes shares buyback program by $25 billion
- Alibaba's U.S.-listed shares increased by over 4% in pre-market trade after announcing a $25 billion increase in its share repurchase program, bringing the total available to $35.3 billion.
- In the quarter ending December, Alibaba recorded a 5% rise in sales to 260.3 billion yuan , falling short of analyst predictions. Its net income also dropped by 77% compared to the previous year.
- Alibaba is facing challenges in China's online shopping market due to slow economic recovery and increased competition from low-cost domestic e-commerce players, leading to a focus on discounting and lower-priced goods.
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21 Articles
21 Articles
Alibaba approves an additional $25 billion share buyback as its revenue disappoints - The Morning Sun
SINGAPORE (AP) — Chinese e-commerce firm Alibaba Group Holding on Wednesday approved an additional $25 billion authorization to its share buyback program, after reporting lower-than-expected sales revenue for the last quarter of 2023. The company’s Hong Kong-traded shares plunged 6.8% on Thursday. Alibaba’s New York-listed stock price sank 5.9% on Wednesday and has fallen nearly 26% over the past year. Alibaba posted a 5% increase in sales to 2…
·Pittsburg, United States
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Alibaba approves additional $25 billion share buyback as revenue disappoints
Chinese e-commerce firm Alibaba Group Holding on Wednesday approved an additional $25 billion authorization to its share buyback program, amid lower-than-expected sales revenue for the last quarter of 2023
·United States
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Coverage Details
Total News Sources21
Leaning Left4Leaning Right4Center9Last UpdatedBias Distribution53% Center
Bias Distribution
- 53% of the sources are Center
53% Center
L 24%
C 53%
R 23%
Factuality
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