Alibaba announced its financial results for the quarter ending June 30th, 2021 outpacing earnings estimates. The e-commerce giant saw revenue grow 34% to $31.8 billion year-over-year. More than 1.1 billion consumers frequented the online shopping center in the past year.
In a release, Daniel Zhang, Chairman and Chief Executive Officer, spoke of Alibaba’s alignment with the Chinese economy.
“We believe in the growth of the Chinese economy and long-term value creation of Alibaba, and we will continue to strengthen our technology advantage in improving the consumer experience and helping our
enterprise customers to accomplish successful digital transformations.”
The company also announced a plan to increase its share repurchase program to $15 billion, up from the current $10 billion.
“We delivered strong revenue growth of 34% year-over-year. As we said in last quarter’s results announcement, we are investing our excess profits and additional capital to support our merchants and invest in strategic areas to better serve customers and penetrate into new addressable markets,” said Maggie Wu, Chief Financial Officer of Alibaba Group.
“We are increasing our share repurchase program from US$10 billion to US$15 billion, the largest share repurchase program in the Company’s history, because we are confident of our long-term growth prospects. Our net cash position remains strong and we have repurchased approximately US$3.7 billion of our ADSs since April 1, 2021.”
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