Alibaba Group Holding Ltd (NYSE:BABA) shares are trading lower Thursday after the company reported mixed financial results for the third quarter.
Alibaba said third-quarter revenue increased 3% year-over-year to RMB207,176 million ($29.12 billion), which missed average analyst estimates of $29.45 billion. The China-based e-commerce company reported quarterly earnings of $1.82 per share, which beat average estimates of $1.64 per share.
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“We generated another quarter of healthy revenue growth of 3% year-over-year in spite of the impact on consumption demand by the COVID-19 resurgence in China as well as slowing cross border commerce due to increasing logistics costs and foreign currency volatility,” said Toby Xu, CFO of Alibaba.
“We have continued to take a holistic approach to improve operating efficiency and cost optimization throughout the company that resulted in adjusted EBITA growth of 29% year-over-year.”
Alibaba’s board also authorized an increase of $15 billion to the company’s existing share repurchase program and extended its duration through the end of March 2025.
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BABA Price Action: Alibaba has a 52-week high of $148.50 and a 52-week low of $58.01.
The stock was down 2.34% at $76.33 at time of publication, according to Benzinga Pro.
Photo: courtesy of Alibaba.
