From Nasdaq:

China’s Alibaba Group Holding missed third-quarter revenue estimates, with shares falling 6% in response to $25 billion stock buyback plans. Alibaba’s stock down 5.4% in Hong Kong. Douyin and Pinduoduo are posing significant competition, with the online giant struggling under the weight of its split business model and weakened profitability.

Alibaba’s net income was 14.4 billion yuan, down 77%, amid challenges from U.S. chip export curbs and competition. Weak sales growth of 2% was observed in Taobao and Tmall Group. Despite surmounting challenges, executives project an optimistic outlook for the future.

Alibaba executives are making strides to reignite business growth in the e-commerce and cloud computing sectors. The company has plans to invest heavily in the coming year, cooling expectations for near-term IPO prospects and discussing potential consumer asset sales. AliExpress orders have risen 60% year over year, reflecting strong growth in the International Digital Commerce (AIDC) arm.



Read more: Alibaba boosts share buyback as revenue misses estimates