Alibaba (BABA) reported Q3 EPS of RMB12.92 (US$1.82), RMB1.18 better than the analyst estimate of RMB11.74. Revenue for the quarter came in at RMB207.18 billion (US$29,124 million) versus the consensus estimate of RMB208.52 billion.
“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. “The uncertainties of the global landscape have only reinforced our resolve to focus on building capacity that will yield sustainable, high-quality growth for our customers and our own business over the long term. The trust of our shareholders has enabled Alibaba's development over the past 23 years, and we are committed to improving shareholder return as we continue to strengthen the foundations for Alibaba’s future."
“We generated another quarter of healthy revenue growth of 3% year-over-year in spite of the impact on consumption demand by the COVID-19 resurgence in China as well as slowing cross border commerce due to increasing logistics costs and foreign currency volatility," said Toby Xu, Chief Financial Officer of Alibaba Group. "We have continued to take a holistic approach to improve operating efficiency and cost optimization throughout the company that resulted in adjusted EBITA growth of 29% year-over-year. With strong net cash position and cash flow generation, as of November 16, 2022, we had repurchased approximately US$18 billion of our shares under our existing US$25 billion share repurchase program. In addition, our board has approved to upsize the share repurchase program by another US$15 billion and extend the program to the end of fiscal year 2025."