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## Alibaba Approves Additional $25 Billion Share Buyback Program

SINGAPORE (AP) ÔÇö Chinese e-commerce firm Alibaba Group Holding announced on Wednesday that it has approved an additional $25 billion authorization to its share buyback program. This decision comes in the wake of lower-than-expected sales revenue for the fourth quarter of 2023.

## Financial Results for the Last Quarter of 2023

AlibabaÔÇÖs sales saw a 5% increase, reaching 260.3 billion yuan ($36.67 billion) for the quarter ended December, slightly missing analyst estimates. However, the net income plummeted to 14.4 billion yuan ($2 billion), down 77% compared to the same time last year. The company attributed this drastic drop in net income to the decrease in value of its equity investments and a decrease in income from operations due to that.

## Impact on Stock Price and Company Strategy

As a result of the financial report, AlibabaÔÇÖs New York-listed stock price fell about 4% in premarket trading. CEO Eddie Wu stated that the companyÔÇÖs main priority is to reignite the growth of its core businesses, such as e-commerce and cloud computing. He also pledged to step up investment to improve user experience and drive growth for its e-commerce platforms Taobao and Tmall, as well as strengthen market leadership.

## Increasing Competition and Regulatory Challenges

Alibaba, once a dominant force in ChinaÔÇÖs e-commerce industry, has faced increasing competition from rivals such as Pinduoduo and ByteDance. The company has struggled to recover following a regulatory crackdown on the technology industry and a $2.8 billion fine after authorities deemed that it had violated antitrust regulations.

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