On Thursday, shares in Alibaba (NYSE:BABA) were modestly lower in pre-open trading after the company reported revenue for its Q2 that missed the average analyst estimate.

The Hangzhou-based company posted adjusted earnings per American depositary receipt of 12.92 yuan to top the analyst estimate of 11.74 yuan. Reportedly, revenue increased 3.2 per cent year-over-year to hit 207.18 billion yuan, missing the 208.52B yuan consensus.

Cloud revenue also missed the analyst target. It remained at 20.76B yuan, with the consensus being 21.11B.

The company expressed its board approved raising the buyback program by another USD 15 billion and extending it to 2025. The company also said that the planned conversion of its listing in Hong Kong to primary status wouldn’t be completed by the end of this year.

Alibaba believes that it has delivered concrete results this past quarter despite persistent macro environment challenges. According to the company, it is a testament to the resilient business model and unmatched customer value proposition.