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 beat 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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