8/3, 12:58 PM (Source: TeleTrader)
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Alibaba's revenue surges 34% to $31.87 billion in Q1

Alibaba Group Holding Limited announced its earnings results for the first fiscal quarter of 2022, reporting revenue of $31.87 billion which has failed to meet market estimates despite annually surging 34%. On the other hand, Alibaba's diluted earnings per share surpassed expectations by reaching $2.54, with net income sliding 8% to $6.63 billion.

"We are increasing our share repurchase program from $10 billion to $15 billion, the largest share repurchase program in the company’s history, because we are confident of our long-term growth prospects," CFO Maggie Wu added.

The number of the annual active consumers of Alibaba's Ecosystem worldwide increased by 45 million to 1.18 billion. Alibaba's stocks rose 1.42% ahead of the session in New York to $202.93 per share following the announcement.

Breaking the News / ND