Alibaba seeks to reassure investors as Beijing's business crackdown grows
Posted: Aug 3, 2021 8:21 AM
Updated: Aug 3, 2021 8:21 AM
Posted By: By Jill Disis and Chris Isidore, CNN Business
Alibaba sought to reassure investors by unveiling a 50% increase in its share repurchase plans Tuesday while reporting somewhat mixed results.
The Chinese online shopping behemoth has been slammed in recent months by Beijing's widening crackdown on private business, stoking concerns about its future. On Tuesday, it reported a drop in earnings despite an increase in sales.
Net income of 45.1 billion yuan, or about $7 billion, slipped from 47.6 billion yuan it earned a year earlier. But its adjusted earnings were a bit better than recently lowered estimates from analysts. Alibaba's revenue of 205.7 billion yen, or about $32 billion, while up 34% from a year ago, fell a bit short of expectations. Analysts surveyed by Refinitiv had forecast revenue would reach 209 billion yuan.
The company tried to …