US EditionAlibaba 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.
21 Articles
21 Articles
Alibaba approves additional $25 billion share buyback as revenue disappoints
SINGAPORE (AP) — 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. Alibaba posted a 5% increase in sales to 260.3 billion yuan ($36.67 billion) for its quarter ended December, slightly missing analyst estimates. Net income sank to 14.4 billion yuan ($2 billion), down 77% compared to the same…
Alibaba Okays Another $25 Billion Buyback After Sales Miss
Alibaba Group Holding Ltd. green-lit another $25 billion in stock repurchases, appealing to investors worried about plateauing growth at a Chinese e-commerce pioneer struggling to fend off new rivals such as PDD Holdings Inc.
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