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Shares of Alibaba jumped in premarket trade, as the company missed market expectations for revenue in the December quarter, but announced it is increasing the size of its share buyback program by $25 billion. U.S.-listed shares in the Chinese e-commerce giant were more than 4% higher in pre-market trade. The Hangzhou-based group, which intends to carve out its major business lines into independent units, posted a 5% rise in December quarter sales to 260.3 billion yuan ($36.2 billion), versus the average analysts’ estimate of about 261 billion yuan. Net income in the period fell sharply to 14.4 billion yuan.
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