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Alibaba Group Holding Limited (NYSE: BABA, HKEX: 9988) announced the latest financial results on Thursday.
The Chinese e-commerce giant reported revenue of $29.124 billion (up by 3% year-over-year), falling slightly short of $29.288 billion expected.
Earnings per share topped analyst estimates for the quarter at $1.816 per share (an increase of 15% year-over-year) vs. $1.683 earnings per share estimate.
”We delivered solid results this past quarter despite ongoing macro environment challenges, which is a testament to our resilient business model and unmatched customer value proposition,” Daniel Zhang, Chairman and CEO of the company said in a press release.
”The uncertainties of the global landscape have only reinforced our resolve to focus on building capacity that will yield sustainable, high-quality growth for our customers and our own business over the long term. The trust of our shareholders has enabled Alibaba’s development over the past 23 years, and we are committed to improving shareholder return as we continue to strengthen the foundations for Alibaba’s future,” Zhang added.
Alibaba also announced an increase to its share buyback program: ”We have continued to take a holistic approach to improve operating efficiency and cost optimization throughout the company that resulted in adjusted EBITA growth of 29% year-over-year. With strong net cash position and cash flow generation, as of November 16, 2022, we had repurchased approximately US$18 billion of our shares under our existing US$25 billion share repurchase program. In addition, our board has approved to upsize the share repurchase program by another US$15 billion and extend the program to the end of fiscal year 2025.”
Shares of Alibaba rose on Thursday – up by around 8% at $84.52 a share.
Alibaba price targets
Alibaba is the 37th largest company in the world with a market cap of $227.68 billion.
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Sources: Alibaba Group Holding Limited, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
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