Alibaba Singles’ Day sales were over $7 billion

Alibaba Group Holding Ltd (BABA) stated that more than $6 billion of goods have been sold so far during its annual Singles’ Day online shopping sale.  According to Alibaba, more than 39 billion yuan ($6.4 billion USD) worth of goods were sold only 15 hours into the event.  When it was all said and done, the China-based online retailer said its annual Singles’ Day sales hit a record high, surging past the $7 billion mark.

Alibaba’s stock has been on a tear since the end of October and currently is nearly 50% higher then when the IPO was issued in September.  With an estimated 40% growth rate, shares of Alibaba are trading at nearly the same multiple as Facebook (FB).