Nov 11, 2018 - Economy & Business

Alibaba's Singles Day sale rakes in $30 billion but posts lower growth

The Tmall 11:11 Global Shopping Festival gala in Shanghai ahead of Alibaba's Singles Day. Photo: STR/AFP/Getty Images

Alibaba's "Singles Day," an online sales event larger than Black Friday and Cyber Monday combined, brought in $30.7 billion in 24 hours, reports Reuters.

Yes, but: Despite smashing Amazon's Prime Day sales in less than 10 minutes, the day's annual sales growth rate fell from 39% to 27%. Alibaba's stock has dropped 16% on the year after the company revised its annual sales projection by 4–6%.

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