Alibaba increases share buy-back by US$25 billion as profit and revenue miss estimates
Chinese e-commerce giant Alibaba Group Holding reported lower-than-expected financial results in the December quarter, as the Hangzhou-based company grappled with challenging economic conditions and growing competition from new entrants in the online shopping sector. Net profit fell 77 per cent to 10.7 billion yuan (US$1.5 billion) in the three months ended December 31, the company … Read more
