Alibaba Group Boosts Share Buyback to US$15B

Alibaba Group said on Tuesday it has upsized its share repurchase program to US$15 billion from US$10 billion through 2022, the largest in the tech giant’s history demonstrating confidence in its long-term sustainable development and value creation.

The Hangzhou-headquartered company also said that it had repurchased about US$3.7 billion worth of its American depositary shares (ADSs) since April.

The company’s revenue jumped 34% in the quarter ended June 30, propelled by strong momentum at businesses across its digital ecosystem. 

Revenue surged to RMB205.7 billion (US$31.9 billion), up from the RMB153.8 billion posted in an exceptionally robust quarter a year earlier as the coronavirus pandemic in China drove a massive shift online across society. 

Annual active consumers on Alibaba’s ecosystem reached 1.18 billion in the twelve months ended June 30, up 45 million from a quarter earlier.

“Alibaba started the new fiscal year by delivering a healthy quarter,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “Over more than twenty years of growth, we have developed a company that spans across both consumer and industrial internet, with multiple engines driving our long-term growth.”

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