From NBCUniversal:

Alibaba missed market expectations for revenue in its December quarter and announced a $25 billion increase to its share buyback program. U.S.-listed shares rose before closing down over 5%. Revenue grew just 5% to 260.35 billion Chinese yuan, with a 69% decrease in net income. The e-commerce and cloud business slow as the consumer remains weak in China. Despite challenging times, international commerce platforms like AliExpress and Lazada posted a revenue increase of 44%. Alibaba has gone through major changes, including adjustments in its corporate structure, the departure of key staff, and the removal of its cloud computing business spinoff. The company will focus on internal synergy, rather than outside financing, to reflect the true value of its businesses.



Read more: Alibaba (BABA) Q3 2023 earnings report for December quarter