Alibaba sees $3.16 billion net loss in Q2

Thursday, 17. November 2022 12:47

Alibaba Group's second fiscal quarter revenue underperformed by increasing only 3% compared to the same trimester a year ago to reach $29.12 billion, the company revealed on Thursday. However, the e-commerce giant's operating income surged 68% to $3.53 billion in the quarter ending September 30, mainly due to an increase in adjusted EBITA.

Alibaba registered a net loss of $3.16 billion or a diluted loss per share of $0.14, citing a broad decline in market prices of its equity investments in publicly-traded companies. The company delivered "solid results" despite microenvironment challenges and COVID-19 lockdowns in China, company executives asserted, announcing Alibaba will carry out another $15 billion share buyback program over the next three years.

The Chinese company's shares posted slight losses in New York's premarket trading following the earnings announcement.

Related Links: Alibaba Group Holding Ltd.
Author:
Baha Breaking News (BBN) / ND