Alibaba's Revenue Miss and $25 Billion Buyback Boost
TL;DR Summary
Alibaba missed third-quarter revenue estimates due to softness in the retail market and China's slow economic recovery, but announced a $25 billion increase to its share repurchase program. The company's net income decreased by 77%, and it is undergoing a business split into six units overseen by CEO Eddie Wu and Chairman Joe Tsai. Alibaba is facing pressure from domestic e-commerce competitors and is looking to sell consumer sector assets, while its International Digital Commerce segment, including AliExpress, performed strongly with a 60% rise in orders.
- Alibaba misses revenue estimates; boosts buyback by $25 billion Yahoo Finance
- Alibaba shares whipsaw in premarket trade after revenue miss, $25 billion boost to buyback plan CNBC
- Alibaba's Profit Slumps on Impairments; Hikes Buyback Plan The Wall Street Journal
- Alibaba Earnings Could Further Stoke China Worries—or Keep the Rebound Going Barron's
- Alibaba: Fiscal Q3 Earnings Snapshot Quartz
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