By Senad Karaahmetovic
Alibaba (NYSE:BABA) reported revenue for its second fiscal quarter that missed the average analyst estimate, sending its shares modestly lower in pre-open trading.
Alibaba reported adjusted earnings per American depositary receipts of 12.92 yuan to top the analyst estimate of 11.74 yuan. Revenue rose 3.2% year-over-year to hit 207.18 billion yuan, missing the 208.52B yuan consensus.
“We delivered solid results this past quarter despite ongoing macro environment challenges, which is a testament to our resilient business model and unmatched customer value proposition,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group.
Cloud revenue also missed the analyst target after coming in at 20.76B yuan (the consensus was 21.11B).
Alibaba also said its board approved increasing the buyback program by another $15 billion and extending it to the end of 2025.
Moreover, the company said in a filing to the Hong Kong stock exchange that the planned conversion of its listing in Hong Kong to primary status won’t be completed by the end of this year.
As of 07:55 EST (12:55 GMT), Alibaba stock trades 2.3% lower.