Chinese e-commerce giant Alibaba Group has announced plans to increase its share buyback program by $25 billion. The move comes as the company released its disappointing quarterly results, which fell short of analysts' forecasts.
In the quarter ending March 31, Alibaba reported sales of 260.3 billion yuan ($36.7 billion), representing a modest five percent year-on-year growth. While the figures demonstrate some growth, they did not meet the market's expectations. As Alibaba faces fierce competition from rivals like JD.com, Pinduoduo, and Douyin (China's version of video app TikTok), it is working to maintain its dominance in the market.
