alibaba stock In the early afternoon on Wednesday the asking price fell by around 4.5 percent to 69 euros. Reason for price weakness: The group did not meet market sales expectations in the fourth quarter of 2023, as reported by the American news site CNBC.
Sales reached 260.35 billion Chinese yuan, about 36.6 billion dollars. Analysts expected 262.07 billion yuan. Sales missed estimates and only increased five percent year-on-year. At the same time, net profit in the December quarter fell a hefty 69 percent year-on-year to 14.4 billion yuan.
Alibaba massively increases its share buyback program
When the figures were presented, Alibaba announced that it would increase the size of its share buyback program by $25 billion. Management said the increase would bring the total to $35.3 billion.
The announcement of the figures comes after a turbulent year for Alibaba in 2023. According to the report, the company carried out its largest structural reform to date last year.
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