Alibaba approves another $38b in buybacks after sales slump

Alibaba unveiled a $US25 billion ($38 billion) addition to its stock repurchase program as it reported disappointing revenue, reflecting how rivals such as PDD are eroding its dominance in China.

The Hangzhou-based group, which intends to carve out its major business lines into independent units, posted a 5 per cent rise in December quarter sales to 260.3 billion yuan ($56.1 billion), versus the average analysts’ estimate of about 261 billion yuan. Net income in the period fell sharply to 14.4 billion yuan.

Bloomberg