- News & Education
Alibaba Group Holding Limited (NYSE: BABA, HKEX: 9988) announced the latest financial results on Thursday.
The Chinese e-commerce giant reported revenue of $29.124 billion (up by 3% year-over-year), falling slightly short of $29.288 billion expected.
Earnings per share topped analyst estimates for the quarter at $1.816 per share (an increase of 15% year-over-year) vs. $1.683 earnings per share estimate.
”We delivered solid results this past quarter despite ongoing macro environment challenges, which is a testament to our resilient business model and unmatched customer value proposition,” Daniel Zhang, Chairman and CEO of the company said in a press release.
”The uncertainties of the global landscape have only reinforced our resolve to focus on building capacity that will yield sustainable, high-quality growth for our customers and our own business over the long term. The trust of our shareholders has enabled Alibaba’s development over the past 23 years, and we are committed to improving shareholder return as we continue to strengthen the foundations for Alibaba’s future,” Zhang added.
Alibaba also announced an increase to its share buyback program: ”We have continued to take a holistic approach to improve operating efficiency and cost optimization throughout the company that resulted in adjusted EBITA growth of 29% year-over-year. With strong net cash position and cash flow generation, as of November 16, 2022, we had repurchased approximately US$18 billion of our shares under our existing US$25 billion share repurchase program. In addition, our board has approved to upsize the share repurchase program by another US$15 billion and extend the program to the end of fiscal year 2025.”
Shares of Alibaba rose on Thursday – up by around 8% at $84.52 a share.
Alibaba price targets
Alibaba is the 37th largest company in the world with a market cap of $227.68 billion.
You can trade Alibaba Group Holding Limited (NYSE: BABA, HKEX: 9988) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
Sources: Alibaba Group Holding Limited, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.