Pursuits
Alibaba Growth Slows as China Economy Cools; Buyback Planned
Alibaba CEO: Confident in Long-Term China Consumer Growth
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Alibaba Group Holding Ltd.’s quarterly sales rose at the slowest pace in at least three years and transaction volumes missed analyst estimates amid a weakening Chinese economy. Shares fell.
Revenue rose 28 percent to 20.2 billion yuan ($3.2 billion) in the three months ended June, down from an average of 56 percent in the previous 12 quarters. The company also announced plans to buy back $4 billion of stock.