From RTTNews:

Alibaba Group Holdings Ltd. reported a major drop in profit for the third quarter, despite revenue growth. The company’s board approved a $25 billion increase to its share repurchase program through March 2027. CEO Eddie Wu emphasized a focus on reigniting growth in core businesses like e-commerce and cloud computing. Net income and earnings per share were down significantly year-over-year, due to various impairments. However, adjusted net income and revenue both saw slight increases compared to the previous year. In pre-market trading, Alibaba shares were down 4 percent on the NYSE and 1.45 percent in Hong Kong.

Read more: Alibaba Q3 Profit Drops, To Buy Back Addl. $25 Bln Shares; Stock Down