Alibaba Announces $25 Billion Share Buyback Amid Revenue Disappointment

Alibaba approves an additional $25 billion for its share buyback program after reporting lower-than-expected sales revenue for the last quarter of 2023, with a 5% increase in sales to 260.3 billion yuan but a 77% drop in net income to 14.4 billion yuan. The company aims to reignite growth in its core businesses, e-commerce, and cloud computing, amidst increasing competition from rivals like Pinduoduo and ByteDance. Following a regulatory crackdown and a $2.8 billion fine, Alibaba's revenue growth has slowed, and its New York-listed stock price has plunged nearly 26% over the past year.