Alibaba approves additional $25 billion share buyback as revenue disappoints
ABC News
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
SINGAPORE -- 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 time last year. The Hangzhou-based firm attributed the drastic drop in net income to the decrease in value of its equity investments and a decrease in income from operations due to that.
Alibaba’s New York-listed stock price fell about 4% in premarket trading following the report.
“Our top priority is to reignite the growth of our core businesses, e-commerce and cloud computing,” said Alibaba CEO Eddie Wu in a statement.
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