Heard on the Street: E-commerce giant Alibaba has found a way around China’s slowing economy by pushing into smaller, poorer cities
China’s economy is slowing, but e-commerce giant Alibaba Group Holding has found a way around the problem: pushing into smaller, poorer cities.
The country’s answer to Amazon.comincreased revenue by 42% last quarter compared with the same period of 2018, beating estimates on S&P Global Market Intelligence. Alibaba’s expansion in newer, unprofitable businesses like food delivery and cloud services boosted growth. But revenue from the core business—online marketplaces Taobao and Tmall—also increased 26%, allaying worries...
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