Chinese e-commerce giant Alibaba Group Holding Ltd. said its fiscal first-quarter profit more than doubled from the same period a year earlier, mirroring the results of U.S. tech giants that have thrived as disruption from the coronavirus pandemic accelerated a migration online. Alibaba, China’s most valuable technology company with an already central position in Chinese society, reported net income of 47.6 billion yuan ($6.8 billion) for the quarter ending June as more shoppers bought daily necessities and other products...

Source: Wall Street Journal August 20, 2020 11:57 UTC