Alibaba jumped over 12% in morning trading after raising buyback target to $25 billion.
Alibaba has raised its share buyback program to $25 billion from $15 billion. Its board approved the share repurchase program, which will run for two years through March 2024.
The company had purchased 56.2 million ADRs for about $9.2 billion, as of March 18, under its previously announced program.
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