NEW YORK (TheStreet) --Seven years ago Chinese e-commerce giant Alibaba (BABA) introduced Singles Day, a day filled with lucrative online product deals. It's message, a celebration of being single on November 11.
Singles Day also acts as a barometer of the success of Alibaba and the Chinese consumer. Sales on Singles Day outpace both those on Cyber Monday and Black Friday, according to Reuters.
"We are delighted with the performance of our global shopping festival," Alibaba President Michael Evans said on CNBC's "Squawk on the Street" this morning.
Alibaba had already amassed $16 billion in sales Friday morning.
"The progress has been terrific, the experience for the brands that are engaging with the Chinese consumer has been terrific," Evans stated.
Singles Day gives Alibaba the chance to enhance the way it works with its customers, giving them opportunities to experience new brands, he noted.
Using Singles Day as a way to gauge the Chinese consumer, this year's figures appear to show that the Chinese consumer remains stable.
"Our latest quarterly reports top-line revenue grew by 55% which is primarily driven by the retail consumer in China, so we feel pretty good about where the consumer is today," Evans said.
Shares of Alibaba were lower in mid-morning trading on Friday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations.