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Alibaba beats forecasts after record Singles' Day

Video Credit: Reuters Studio - Duration: 00:58s - Published
Alibaba beats forecasts after record Singles' Day

Alibaba beats forecasts after record Singles' Day

Alibaba again beat forecasts thanks to record sales at its annual Singles' Day shopping extravaganza.

Julian Satterthwaite reports.

Alibaba beat forecasts in the third quarter.

That's thanks to another record Singles' Day shopping extravaganza.

The company says the November event generated over 38 billion dollars in sales.

It's the biggest online shopping event of the year, far eclipsing Black Monday and the like.

That helped sales at Alibaba's core commerce unit jump by almost 40%.

The Chinese giant runs e-commerce sites Taobao and Tmall.

It makes most of its money selling advertising and promotional services to merchants that list there.

But it's not immune to coronavirus worries.

Alibaba says it's introducing relief measures for its vendors.

That includes almost 2.9 billion dollars in loans to Chinese firms. Cloud computing is Alibaba's other big moneymaker.

Revenue from that unit jumped 62% to about 1.5 billion dollars.




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Alibaba again beat forecasts thanks to record sales at its annual Singles' Day shopping extravaganza. Julian Satterthwaite reports.

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