Advertisement

Alibaba Mobilizes Funds for Many Countries to Combat Coronavirus

Alibaba Group Holding Limited BABA is constantly extending support to several nations across the world in their fight against novel coronavirusas is evident from its piling donations.

Alibaba Foundation’s latest contribution in collaboration with the Jack Ma Foundation to seven more Asian countries is a testament to its social initiative.

Notably, India, Bhutan, Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Vietnam are on the current list, which are entitled to receive medical supplies essential for fighting COVID-19.

The latest move aims at providing protective clothing, medical equipment like ventilators and forehead thermometers, 165,000 testing kits and 1.7 million face masks in total to all these countries. India already received the first batch of these supplies. Other places will be receiving soon.

We believe, the latest endeavor remains noteworthy on part of both foundations. Moreover, it bodes well for Alibaba’s strong endeavors to aid the global community efforts, which focus on stopping the COVID-19 spread and treating the infected patients worldwide.

Additionally, an extending grant on a continuous basis will steadily help the company win investors’ confidence during the coronavirus-led crisis situation across the world.

Coming to the price performance, Alibaba has returned 4.2% over a year against the industry’s decline of 4.3%.



Rising Support for Other Nations

In addition to the latest action taken for a noble cause, bothAlibaba Foundation and Jack Ma Foundation recently announced a donation of 1.8 million masks, 210,000 COVID-19 test kits, 36,000 pieces of protective clothing and other essential medical supplies to 10 Asian countries, namely¬¬ Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka.

Furthermore, the foundations dispatched medical supplies to countries like Malaysia, Indonesia, Thailand and the Philippines.

As of now, 23 Asian countries received 100,000 sets of protective clothing, 7.4 million masks, 485,000 test kits in total along with other essential medical equipment from these foundations.

Apart from the Asian countries, North American, Latin American, European and African nations also received medical aid.

Moreover, Alibaba recently presented its cloud-based coronavirus diagnostic tool to the European health systems.We note that the tool is a Machine Learning-based software that assists in chest scans. The company strives to manage this pandemic situation with this diagnostic tool by accelerating the COVID-19 process.

Alibaba Group Holding Limited Revenue (TTM)

Alibaba Group Holding Limited Revenue (TTM)
Alibaba Group Holding Limited Revenue (TTM)

Alibaba Group Holding Limited revenue-ttm | Alibaba Group Holding Limited Quote

Global Measures Against COVID-19

Along with Alibaba, companies such as Alphabet GOOGL, Amazon AMZN, Yandex YNDX and Microsoft are leaving no stone unturned to enable the society to combat the coronavirus pandemic.

Notably, Alphabet’s Google recently launched a website in the United States, which offers information related to coronavirus symptoms, treatment and preventive remedies from the World Health Organization.

The company’s health-care division, Verily, recently launched a COVID-19 screening and testing website under Project Baseline. Further, Alphabet announced above $800-millionworth of donations for producing essential medical equipment in a tie-up with Magid Glove and Safety.

Amazon joined forces with a research program called Seattle Coronavirus Assessment Network (SCAN) to deliver and pick up COVID-19 test kits in Seattle.

Additionally, the company teamed up with Conduent to bring in the latter’s Maven on AWS in a bid to manage the coronavirus pandemic more efficiently. Notably, Maven is a disease surveillance and outbreak management platform.

Meanwhile, Yandex rolled out a project named Helping Hand, which focuses on transportation, medicinal deliveries, and food and other essential commodity supplies in Russia. It will also deliver COVID-19 testing kits.

Notably, Microsoft unveiled a COVID-19 tracker tool that offers up-to-date infection statistics of each affected country on the tracker. Moreover, the tool provides access to various coronavirus-based articles and other information.

We note that competition is intensifying among the above-mentioned companies in managing the global challenges induced by coronavirus.

Nevertheless, Alibaba’s expansive attempts are likely to aid its momentum in this global community effort.

Currently, Alibaba carries a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Hottest Tech Mega-Trend of All

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
 
Yandex N.V. (YNDX) : Free Stock Analysis Report
 
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
 
Alibaba Group Holding Limited (BABA) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.