• 19/07/2024 04:13

Alibaba to buy back $35 billion of shares

Chinese e-commerce giant Alibaba announced a plan to buy back its shares for $35 billion. The company's owners are thus demonstrating that the company has potential, although financial results for the last quarter did not live up to expectations. CNBC writes about this.

Alibaba will buy back shares for $35 billion

► Subscribe to the telegram channel “Ministry of Finance”: main financial news

Financial results

The company reported revenue of 260.35 billion yuan ($36.6 billion) – expected 262.07 billion yuan.

Revenue rose only 5% year-on-year, slowing compared to previous quarters.

Net profit Alibaba fell 69% year-on-year to 14.4 billion yuan in the December quarter.

Share buybacks

Amid the negative report, owners said they would buy back $25 billion of their own shares to March 2027. The total amount of repurchased assets will be $35.3 billion.

Market reaction

The company's shares on the NYSE are showing growth – over the last 5 days the shares have increased by more than 9%, although over the last 6 months the shares fell by almost 19%.

Alibaba will buy back shares for $35 billion

On the topic: Jack Ma buys back Alibaba shares when their value fell by 35%

Leave a Reply

Your email address will not be published. Required fields are marked *