Chinese internet giant Alibaba sold $ 31 billion during the Singles Day shopping mall. This is a new record, on the other hand, the growth rate of sales has moderated considerably compared to the previous year.
As part of the world's largest 24-hour shopping event, Alibaba sold its $ 30.7 billion (27.06 billion euros) worth of goods on Sunday. This represents a new record.
Last year's record exceeded the start of the sale, when the company sold its $ 1.44 billion dollars for the first two minutes, roughly $ 10 billion for the first hour, and $ 18 billion for nine hours. In the third case, this meant a year-on-year revenue growth of approximately $ 3 billion.
The latest data indicates that, despite the trade conflict between China and the US, the Chinese buyout is still high. On the other hand, analysts expected higher revenue growth, with a growth of 27 percent being the weakest under the 10-year history of a business event. For comparison, last year sales grew by 39 percent yoy.
Alibaba said that the prospects are uncertain as the economy is already slowing down the growth rate and the consequences of the trade conflict are hard to predict. Just for uncertainty as to how the situation will develop in the coming period, Alibaba worsened the year-over-year estimate at the beginning of November.