ALIBABA BOOSTS SHARE BUY BACK AS REVENUES MISS ESTIMATES
Alibaba Group Holding fell short of analysts' revenue expectations for the third quarter, citing a challenging retail environment and sluggish economic recovery in China. The company's U.S.-listed shares declined by 4% in early trading following the announcement of a $25 billion increase to its share repurchase program through March 2027. Alibaba faces pressure from reduced consumer spending in China, which has bolstered lower-cost domestic e-commerce competitors like PDD Holdings.
To navigate these challenges, Alibaba announced the split of its business into six units last March, overseen by co-founders CEO Eddie Wu and Chairman Joe Tsai. Wu, who has been CEO of the group since September, will directly manage the domestic e-commerce arm.