(RTTNews) – Alibaba Group Holding Limited (BABA) reported 34% year-on-year revenue growth for the quarter ended June 30, 2021. Excluding items, non-GAAP net income increased 10% , mainly due to the increase in the share of profit of associates. For the June quarter, global annual active consumers in Alibaba’s ecosystem reached 1.18 billion, an increase of 45 million from the March quarter. Alibaba has stepped up its share buyback program as the company is confident in its long-term growth prospects.
First quarter net profit attributable to common shareholders amounted to RMB 45.14 billion, down 5% from the previous year. Profit per ADS was RMB16.38 versus RMB17.36. Excluding items, non-GAAP net income amounted to RMB 43.44 billion, up 10%. Non-GAAP profit by ADS was 16.60 RMB, an increase of 12%.
The first quarter sales were 205.74 billion RMB, compared to 153.75 billion RMB the previous year. Excluding the consolidation of Sun Art, revenue is estimated to have increased 22% year-on-year to RMB 187.31 billion.
On August 2, 2021, the board of directors authorized the company to increase the share buyback program from $ 10 billion to $ 15 billion. The share buyback program will be effective until the end of 2022.
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