Alibaba's $25 Billion Buyback Boost Amid Disappointing Q3 Earnings

Alibaba approves an additional $25 billion for its share buyback program after reporting lower-than-expected sales revenue for the last quarter of 2023. The company's sales increased by 5% to 260.3 billion yuan, but net income dropped by 77% due to a decrease in the value of equity investments and income from operations. Facing increasing competition from rivals like Pinduoduo and ByteDance, Alibaba aims to reignite growth in its core businesses of e-commerce and cloud computing. The company has struggled to recover from a regulatory crackdown and a $2.8 billion fine, with its New York-listed stock price falling nearly 26% over the past year.