Alibaba benefited from online shopping increase during pandemic

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While countless companies have collapsed because of COVID-19, some are thriving.

Alibaba is one of the global pandemic's biggest winners. The Chinese e-commerce giant's first quarter profit more than doubled to nearly $7 billion.

That is after the coronavirus pandemic sped up the country's shift towards more online shopping.

Chinese consumers are already the world’s biggest internet shoppers, but the outbreak further expanded Alibaba’s customer base.

Older consumers and those in smaller cities switched from shopping in brick-and-mortar stores to online platforms.

Alibaba’s stellar quarter also got a boost from a remarkable turnaround by China’s economy.

The country went from shrinking at the start of 2020 to 3.2% growth in the second quarter.

China is the first major economy to get back to growth since the onset of the pandemic. That recovery helped Alibaba’s sales also rise 34%.

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