Alibaba Group Holding Ltd said on Thursday that it would buy back shares worth up to $6 billion over two years, as it beat first-quarter revenue forecasts but missed income estimates. The Chinese company, which wants to go beyond e-commerce and is targeting new lines in cloud computing, big data, entertainment and offline retail, says the repurchase will replace its existing buyback program. Alibaba said strength in the Chinese e-commerce market helped its total revenue rise to 38.6 billion yuan ($5.6 billion) in the quarter to the end of March, versus an average forecast of ...
Alibaba announces $6 bn share buyback but misses EPS forecast
The Chinese company says the repurchase will replace its existing buyback program
Reuters Last Updated at May 19, 2017 01:10 IST