Alibaba's Stock Rises on Earnings Beat and $25 Billion Buyback Boost

Alibaba's stock fell after reporting a slight miss on the bottom line for its fiscal-third quarter results, with quarterly net income of 10.7 billion renminbi ($1.5 billion) and adjusted earnings per share of 18.97 renminbi, down from the year-earlier period. However, the company plans to boost its buyback program by $25 billion, indicating confidence in its business. Revenue for the December quarter rose to 260.3 billion renminbi, with cloud revenue increasing 3% and revenue from e-commerce platforms up 2%. The company highlighted strong growth in order volume and transacting buyers, but noted a decrease in average order value.