From Investor’s Business Daily: 2024-04-03 11:12:00

Alibaba repurchased $4.8 billion worth of shares last quarter, part of a broader buyback program. Despite the significant buyback, Alibaba stock was minimally affected by the news. The company has been ramping up purchases of its own shares, spending $12.5 billion on buybacks for the fiscal year ending in March.

Alibaba stock is down about 7% this year as ongoing struggles persist. The company has faced regulatory crackdowns and increased competition from platforms like Pinduoduo. For the December quarter, Alibaba reported a 5% increase in revenue year over year to $36.2 billion. Changes to the company’s structure and plans to spin off certain divisions have caused fluctuations in Alibaba stock.

Last week, Alibaba announced that it would no longer spin off its subsidiary, Cainiao Smart Logistics Network. This decision comes after previous announcements of restructuring plans, including splitting the company into six entities. The continuous changes in Alibaba’s plans have led to stock fluctuations and uncertainty.



Read more at Investor’s Business Daily: China Tech Giant Repurchased $4.8 Billion In Stock In Q1