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>> Chinese e-commerce giant Alibabba on Thursday showing it still has a firm grip on the country's consumers. Despite China's slowing economy. Quarterly revenue jumping 60% from last year, faster than Wall Street expected. Founder Jack Ma attracting a growing middle class with premium products from outside China's borders. Despite the company being know as a haven for counterfeit goods.
Ma, who was one of the first to meet with president Trump after his election. Saying he plans to bring a million US businesses to the site over the next five years. But there were costs. Alibaba taking a page from Amazon's playbook by making a big push into digital entertainment and cloud computing.
Purchases there plus a big tax bill taking a bite out of earnings pushing the stock down Thursday as a result. Not that Ma should be too worried, the company's share price reaching an all time high earlier this week.