Alibaba takes in $84.54 billion in orders in toned-down Singles Day

The results come as overall consumption in China slows, and cap a relatively muted version of a sales festival that Alibaba once aggressively promoted. Before the sales period began, analysts had said they expected Alibaba to report only a minor increase in GMV this year, citing slowing retail sales, supply shortages, power disruptions and COVID-19 lockdowns.

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