Alibaba Group Holding Limited today announced its financial results for the quarter ended December 31, 2022. ADR of Alibaba Group Holding is listed on NYSE with the ticker symbol of NYSE: BABA and HKEX: 9988. BABA ADR is currently trading around $94.78. In the pre-market session, the BABA ADR is up by 6.4%. Alibaba is down by 13% year-over-year and up by 7.5% YTD.

“We delivered a solid quarter despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “Looking ahead, we expect continued recovery in consumer sentiment and economic activity. We are focused on driving growth for our customers amid the competitive landscape, and creating sustainable, longterm value for our shareholders.”

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“During the past quarter, we continued to improve operating efficiency and cost optimization that resulted in robust profit growth,” said Toby Xu, Chief Financial Officer of Alibaba Group. “Our net cash position remains strong and we continue to generate healthy cash flow. During the quarter ended December 31, 2022, we repurchased 45.4 million ADSs for approximately US$3.3 billion under our share repurchase program as part of our ongoing commitment to improve our shareholder return.

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In the quarter ended December 31, 2022, the Revenue was US$35,921 million, an increase of 2% year-over-year. The Income from operations was US$5,079 million, an increase of 396% year-over-year, primarily due to a decrease in impairment of goodwill in relation to Digital media and entertainment segment.

In the quarter ended September 30, 2022, the company generated revenue growth of 3% year-over-year and adjusted EBITA growth of 29% year-over-year. Income from operations was US$3,534 million, an increase of 68% year-over-year. With strong net cash position and cash flow generation, as of November 16, 2022, company had repurchased approximately US$18 billion of shares under the existing US$25 billion share repurchase program. In addition, the board had approved to upsize the share repurchase program by another US$15 billion and extend the program to the end of fiscal year 2025.