Alibaba: OK Earnings, Very Nice Buyback

PHILIPPE LOPEZ/AFP via Getty Images Alibaba Group Holding Limited (NYSE:BABA) just released its fiscal Q3 earnings for the quarter ended December 31 2023. The results were $36.67 billion in revenue, a beat, and $2.67 in adjusted EPS, also a beat. The results were better than what analysts expected, mainly due to some last minute downward revisions. The top line growth (5% in constant currency and 2.1% in U.S. dollars) was underwhelming, but the stock rallied in the pre-market session after the results were released. That was most likely due to news of increased buybacks - an additional $25 billion was…