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Alibaba Boosts Share Buyback Program by $25 Billion Amid Revenue Shortfall

The Chinese e-commerce giant faces increased competition and economic challenges, leading to a strategic pivot towards growth and investment.

Overview

  • Alibaba Group announces a $25 billion increase to its share buyback program, extending it through March 2027.
  • The company's quarterly revenue growth slows to 5%, missing analysts' forecasts amid a challenging economic environment.
  • Alibaba's net income drops significantly, with a 77% decrease compared to the previous year.
  • The firm faces stiff competition from rivals like PDD Holdings and ByteDance, impacting its market share.
  • Alibaba restructures its business, focusing on core e-commerce and cloud computing sectors, and halts IPO plans for two units due to market conditions.