[ad_1]
Alibaba Group Holdings (BABA) – Get the report appears on track to beat its annual world shopping festival sales record, with total purchases surpassing the $ 56 billion mark in the first half hour of deals.
The annual event, also known as Singles Day, is expected to generate around $ 45 billion in total sales, an increase of almost 20% from last year’s record high of $ 38 billion, when buyers in major Asian economies wrestle with technology and consumer goods in the following months. lockdowns linked to the global coronavirus pandemic.
However, early updates from Alibaba’s website suggest that the first 30 minutes generated a gross merchandise value of 372 billion Chinese yuan, or about $ 56.2 billion, a staggering total that eclipsed the record for $ 10.4 billion spent on Amazon Inc. (AMZN) – Get the report two-day Prime Day event last month.
Last year’s Thanksgiving Weekend and Black Friday sales were just under $ 70 billion, according to research group Consumer Growth Partners.
Alibaba’s US-listed shares were initially marked 6.7% lower by midday Tuesday, to change hands at $ 270.87 each as tech stocks around the world were dragged into a vortex of sale following the announcement of Pfizer Inc. (PFE) – Get the report coronavirus vaccine breakthrough earlier this week.
During last year’s # Double11 buying event, over half a billion buyers placed over 812 million orders as shoppers flock to its Tmall and Taobao sites online at the search for freebies and discounts in what has become a barometer of Chinese consumer sentiment since the launch of the event. in 2009.
Last week, its fiscal second quarter results were stronger than expected, as e-commerce core revenues jumped nearly a third after China eased coronavirus lockdown restrictions.
The group’s revenue, Alibaba said, rose 30% to $ 22.838 billion in US dollars. In Chinese yuan terms, Alibaba’s revenue was pegged at 155.06 billion, against a Refinitiv forecast of 154.74 billion.
Revenue from the technology group’s booming cloud business grew 60% to 27.24 billion yuan, Alibaba said, compared with a 31% growth rate for its core business, which reached 264.24 billion yuan.
[ad_2]
Source link