Alibaba shares drop 5% after revenue miss, $25 billion boost to buyback plan
Publishing timestamp: 2024-02-07 10:50:40
Summary
Alibaba missed market expectations for revenue in the December quarter but announced an increase in the size of its share buyback program. The company had a tumultuous year in 2023 with corporate structure changes, CEO changes, and the cancellation of a spin-off. Despite the positive news of the share buyback program, Alibaba's shares fell as revenue growth slowed and net income decreased. The company is focusing on growth in e-commerce and cloud computing, while also exploring separate financing options for its business units.
Sentiment: MIXED
Tickers: BABA,
Keywords: jack ma, internet, e-commerce, breaking news: asia, breaking news: technology, retail industry, cloud computing, technology, earnings, business news, breaking news: business, china, alibaba group holding ltd,
Source: https://www.cnbc.com/2024/02/07/alibaba-baba-q3-2023-earnings-report-for-december-quarter.html