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%.