Alibaba Group Holding Limited – ADR Dad Shares are trading down 3.97% at $80.97 on Friday morning after several analysts lowered their price targets on the stock. The company reported mixed second quarter results on Wednesday and also declined amid overall weakness in Chinese markets today.
What happened to Alibaba’s earnings?
Alibaba reported quarterly earnings of $1.82 per share, which beat analyst consensus estimates of $1.64 by 10.98 percent. The company also reported quarterly sales of $29.12 billion, which fell 1.11 percent below the analyst consensus estimate of $29.45 billion. This sales figure is down 6.50% from sales of $31.15 billion in the same period last year.
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“We generated another quarter of healthy revenue growth of 3% despite the impact on consumption demand by the COVID-19 resurgence in China, as well as slowing cross-border commerce due to rising logistics costs and foreign exchange volatility.” Told toby jooCFO of Alibaba.
Alibaba says the company’s board has also authorized an increase of $15 billion in the company’s existing share repurchase program. Alibaba says that this program will run till March 2025.
According to data from Benzinga Pro, BABA has a 52-week high of $168.30 and a 52-week low of $58.01.
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