Alibaba's $25 Billion Sales Day Shows Its Best Days Are Yet to Come
Alibaba's (NYSE: BABA) Singles Day selling event is in its ninth year, but obviously has not lost its luster.
The Chinese e-commerce giant reported $25.3 billion in gross merchandise volume (GMV) during its annual massive sales event on Nov. 11. That's $2.3 billion more than Alibaba was expected to do in sales, according to a prediction from global consulting firm Olive Wyman.
But the most important takeaway is that Alibaba increased Singles Day sales by 39% over last year, when it reported $17.79 billion in GMV.
Source: Fool.com
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