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Alibaba announces $6 bn share buyback but misses EPS forecast

The Chinese company says the repurchase will replace its existing buyback program


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 36 ...

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First Published: Fri, May 19 2017. 01:11 IST