Tuesday, July 23, 2024

“Alibaba” sales of $ 85 billion on “Singles Day”

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China’s Alibaba Group recorded 540.3 billion yuan ($ 84.5 billion) during the Singles Day Shopping Festival, which required strong incentives for e-commerce after a year of rigorous scrutiny by regulators.

And Bloomberg News At the end of yesterday, Alibaba’s sales were higher than the sales volume recorded on last year’s single day, which was 498.2 billion yuan.

This strong performance could quell investor fears after the company’s shares fell 30% this year, with Alibaba imposing a monopoly fine of $ 2.8 billion and failing to reach its target return for the first time in two years.

Shares of Alibaba rose 2.4% as US markets closed yesterday.

Economists have long relied on sales volume to assess the health of the Chinese economy and the country’s largest e-commerce platform.

China has also been facing a new outbreak of the corona epidemic since the outbreak in late 2019, which prompted Chinese authorities to take drastic measures to control the epidemic, which could cast a shadow over economic activity. In the country.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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