Ron Burgundy Posted November 11, 2016 Share Posted November 11, 2016 By Catherine Cadell SHENZHEN, China (Reuters) - Alibaba Group Holding Ltd's Singles' Day sales surged past last year's 91.2 billion yuan ($13.36 billion) total with nearly nine hours left on the clock, but growth was markedly slower than in 2015 as shoppers sought even bigger price cuts. Amid fanfare and celebrity razzmatazz, sales on Alibaba's platforms had raced to a billion dollars in under five minutes and within the first sixty minutes had passed $5 billion - a third faster than 2015 as the e-commerce giant looked to shrug off a domestic economic slowdown and a U.S. accounting probe. The 24-hour event held annually on Nov. 11 offers a benchmark for Alibaba's performance and an insight into China's swing to online shopping, especially via smartphones. View the full article Quote Link to comment Share on other sites More sharing options...
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