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Alibaba says 15% of China delivery areas disrupted during Singles Day

Source: cnbc.com cnbc.com
News Snapshot:

Alibaba broke tradition by not releasing total sales for its Singles' Day shopping festival this year. Pictured here are advertisements for the festival in a Shanghai subway station on Nov. 10, 2022. BEIJING — China's Covid controls disrupted Alibaba 's ability to deliver packages, the company said, dragging down the e-commerce giant's sales in a competitive market. "The resurgence of Covid has affected one area after another, resulting in abnormal or suspended logistic service in different places," Alibaba CEO Daniel Zhang said during a quarterly earnings call Thursday, according to FactSet. "This hurt merchant operations and consumer logistics experience." Disruptions…

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