Alibaba Group Holding fell short of analysts’ expectations for third-quarter revenue, citing weakness in the retail market and a sluggish economic recovery in China. Despite this, the company’s U.S.-listed shares saw a 3.5% increase in premarket trading after announcing a $25 billion share repurchase program through March 2027.
In a move overseen by CEO Eddie Wu and Chairman Joe Tsai, Alibaba split its business into six units last March. Wu, who took over as Group CEO in September, has been focusing on consolidating control over the company’s core businesses, emphasizing a “user first” and ”AI-driven” approach to address slower earnings growth.
However, the e-commerce giant continues to face challenges from the slow recovery of China’s online shopping market following the lifting of pandemic restrictions over a year ago.
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2024-02-07 06:34:14