TECH - Alibaba's Bold Actions - $4.8B Stock Repurchase and Revolutionary One-Hour Global Delivery Plan | Benzinga
Alibaba Group Holding Ltd (NYSE:BABA) has aggressively accelerated its share buy-back program, purchasing $4.8 billion in Hong Kong and New York last quarter.
The buy-back represents the company’s most substantial buy-back effort since 2021, during which its stock faced downward pressure due to concerns about its competitive position and earnings outlook.
The repurchase involved 524 million ordinary shares, equating to 65 million American depositary shares (ADS), up from the $1.9 billion spent in the same quarter of the previous year and $2.9 billion in the last quarter of 2023.
The buy-back reduced the company’s share capital by 5.1%, surpassing its annual minimum target of 3%, SCMP reports.
Also Read: Alibaba Cloud’s Livestream Event Draws Millions, Sparks Cloud Computing Price War
Over the ...