South Korea's Bithumb loses $32 million in digital money heist, bitcoin falls
Technical issue continues to affect local American Airlines flights
Microsoft urges Trump administration to change its policy separating families at border
Renewed U.S.-China trade spat boosts safety demand for yen
Trump says 'getting there' in NAFTA talks with Canada, Mexico
Alibaba reports US$25.3 bln in global Singles Day sales
13 November 2017, 06:09 | Kelvin Horton
Basically everyone's phone
Shares of Alibaba are down 0.31% to $185.84 on the first day of trading following the event.
Chinese e-commerce giant JD.com (JD) said Sunday that transaction volumes on its platform for the Singles' Day sales period grew more than 50 percent from past year to 127.1 billion yuan, or about $19.1 billion.
"Sales of appliances and mobile phones 3/8 both were dragged by weaker growth in September. mainly due to competition and slow seasonality", said TH Data Capital analyst Tian Hou in a research note ahead of the earnings.
This figure was corroborated by ecommerce platform monitor Criteo, which said about 75 percent of transactions went through mobiles, with most of those in apps.
For example, Amazon has a market cap of $427 billion, whereas Alibaba is at a "mere" $265 billion, but they account for almost the same amount of total retail in the USA and China, respectively (over $4,800 billion each).
The huge rise in sales this year - up 39 per cent from last year - is welcome news for the Chinese government as Beijing increasingly looks towards its consumers at home, rather than exports, for economic... The company is also converting 100,000 retail outlets into so-called smart stores. More than 140,000 brands participated in this year's shopping event.
Revenue for the quarter was 83.8 billion yuan, just above analysts' mean estimate of 83.6 billion according to Thomson Reuters I/B/E/S.
It's early days in Alibaba's grand retail experiment, but if it works, it could deepen a lead over Jeff Bezos' Amazon.com Inc in the fragmented world of physical retailing. It oversees a coterie of more than a dozen shipping partners, orchestrating deliveries carried out by millions of people across more than 600 cities.
And on this day i.e. 24 hours Alibaba handled a transaction of 1.48 billion.
Idea Cellular reports Q2 net loss at Rs1,107 crore
The company's tower business reported a standalone revenue of Rs 758.5 crore for the FY17 with a net worth of Rs 662.3 crore. Idea will get Rs 4,000 crore (and Vodafone Rs 3,850 crore) from the tower deal if sale completion precedes telcos' merger .
FFXV's Noctis to be playable in Tekken 7 in 2018
In the new gameplay trailer, we can see the FFXV protagonist taking on Devil Jin, Yoshimitsu and other Tekken 7 mainstays. There's also a Final Fantasy XV stage coming along with him, containing lots of nods to the game in background elements.
Qualcomm Rejects Broadcom's Buyout Proposal
Qualcomm officially rebuffed Broadcom's acquisition offer , which would be the biggest-ever deal in the tech industry. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States.
Sask. Roughriders take the win against Ottawa Redblacks
Saskatchewan beat Ottawa 31-20 Sunday afternoon, led by running back Marcus Thigpen who ran for 169 yards and a touchdown. The Roughriders are trying to become the first crossover team to reach the Grey Cup since the format was adopted in 1996.