Earnings

Alibaba beats revenue estimates on record Singles’ Day sales

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A screen displays the transaction volume of the 24-hour Alibaba Singles’ Day global shopping festival at the company’s headquarters in Hangzhou, China, November 12, 2019.

Reuters

China’s Alibaba┬ábeat analysts’ estimates for quarterly results on Thursday, driven by record sales during its annual Singles’ Day shopping blitz and demand for its cloud computing business.

The e-commerce giant usually reports its highest revenue in the December quarter due to its mega “Singles’ Day” shopping bonanza in November. The company said sales during the 24-hour shopping event hit a record of $38.4 billion in 2019.

Alibaba primarily generates revenue by selling advertising and promotional services to…



Source cnbc.com

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