You are here: Home » Reuters » News
Business Standard

Alibaba announces $6 billion buyback but misses EPS forecast

Reuters 

By Cate CadellREUTERS - Alibaba Group Holding Ltd plans to buy back shares worth up to $6 billion over two years, the company said on Thursday, as it beat first-quarter revenue forecasts but fell short of earnings estimates.The Chinese company, which is targeting news business lines such as cloud computing, big data, entertainment and offline retail as it expands beyond e-commerce, said the share repurchase scheme would replace its existing buyback programme.Alibaba said growth in new business lines contributed to an increase in total revenue to 38.6 billion yuan ($5.6 billion) in the quarter ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, May 18 2017. 19:14 IST
RECOMMENDED FOR YOU