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Legendary Chinese executive Jack Ma stepped down as the executive chair of Alibaba Group Holding Ltd. (NASDAQ: BABA) in Fall of 2019, but the retail juggernaut is still going strong, even in the midst of a pandemic.
When he left, investors wondered what would be next for Alibaba stock.
While it fell 5% in the immediate aftermath of the announcement that Jack Ma was leaving, sending shares to a record low for the year, the company has still seen a 38% increase in revenue from last year.
The unknowns regarding the global economy are definitely present, but it is no time to run from Alibaba stocks.
In fact, Alibaba stock prices may still be a bargain making it a great time to invest.
Alibaba's Extraordinary Profits Aren't Going Anywhere
Alibaba started as a small online shop in Hangzhou about 20 years ago. It's now China's top online retailer. In Q3 of fiscal 2020, they reported $23.2 billion in revenue.