Tag: share buybacks

Alibaba Group Boosts Share Buyback to US$15B
Ecommerce, Tech

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 activ...