Alibaba shares soared over 6% on $15 billion repurchase program.The company said in its earnings release it would raise its share repurchase program by an additional $15 billion and extend it to the end of the 2025 fiscal year.
Under the existing $25 billion share repurchase program, the company said it had repurchased approximately $18 billion in shares by November 16.
Alibaba said it will not complete its primary conversion of shares to the Hong Kong Stock Exchange by the end of 2022 as originally announced in August.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments