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Alibaba Q1 Adj. Net Income Rises; Increases Share Repurchase Program

Alibaba Group Holding Limited (BABA) reported revenue growth of 34% year-over-year for the quarter ended June 30, 2021. Excluding items, non-GAAP net income rose 10%, mainly due to the increase in share of profit of equity method investees. For the June quarter, global annual active consumers across the Alibaba Ecosystem reached 1.18 billion, an increase of 45 million from the March quarter. Alibaba increased share repurchase program as the company is confident of its long-term growth prospects.

First-quarter net income attributable to ordinary shareholders was RMB 45.14 billion, a decrease of 5% from prior year. Earnings per ADS was RMB 16.38 compared to RMB 17.36. Excluding items, non-GAAP net income was RMB 43.44 billion, up 10%. Non-GAAP earnings per ADS was RMB 16.60, an increase of 12%.

First quarter revenue was RMB 205.74 billion, compared to RMB 153.75 billion, previous year. Excluding the consolidation of Sun Art, revenue would have grown 22% year-over-year to RMB 187.31 billion.

On August 2, 2021, the board authorized the company to upsize share repurchase program from $10 billion to $15 billion. The share repurchase program will be effective through the end of 2022.

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