Home Finance Alibaba beats estimates on record Singles' Day sales

Alibaba beats estimates on record Singles' Day sales

Alibaba primarily generates revenue by selling advertising and promotional services to third-party merchants that list products on its e-commerce sites, Taobao and Tmall. Alibaba affiliate Ant Financial’s MYBank unit has said it would offer 20 billion yuan ($2.86 billion) in loans to companies in China in the wake of the outbreak. Sales in the company’s core commerce business jumped 38% to 141.48 billion yuan ($20.26 billion) in the third quarter ended Dec. 31, while revenue at its cloud computing unit surged 62% to 10.72 billion yuan.

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