A $9 Billion Day

Alibaba, the Chinese e-commerce giant that is bigger than Amazon and eBay combined, sold more than $9 billion worth of goods Tuesday during its annual "Singles' Day" shopping holiday. "Singles' Day," which Alibaba CEO Jack Ma made up to take place every Nov. 11, is the Chinese equivalent of Cyber Monday in the U.S. and is the biggest shopping day of the year globally on a revenue basis.

businesspluginfeed • 3 years ago

A $2.5 Billion Vice

Vice Media, which started as a tiny free magazine in Montreal, raised $500 million in a pair of deals that value the company at $2.5 billion. The investments, which come after talks about a deal with Time Warner's HLN cable network fell apart, were from A&E Networks and venture capital firm Technology Crossover Ventures. Each company invested $250 million in return for a 10% stake.

businesspluginfeed • 3 years ago

Off Target

Big box retailer Target cut its full-year profit forecast Wednesday by roughly 50 cents in the face of continued consumer spending declines. The company, which recently named a new CEO after its customers had their data hacked over the holiday season, now expects to earn between $3.10-$3.30 per share.

businesspluginfeed • 3 years ago

Little Mac

McDonald's posted a 2.5% decline in global sales for the month of July, its worst monthly sales performance in a decade. A food safety issue in Asia, along with the promotion of premium rather than value products in the U.S., factored heavily into the decline.

businesspluginfeed • 3 years ago

Is Snapchat Worth $10 Billion?

According to reports, that's what a group of investors, including Chinese e-commerce giant Alibaba, are valuing the disappearing photo app company in funding talks. Snapchat, which has already raised $100 million in venture capital, turned down a $3 billion buyout offer from Facebook last year, a decision many observers mocked at the time.

businesspluginfeed • 3 years ago