Alibaba set a new record on the 10th annual Singles Day by reaching more than $30.8 billion or 213.5 billion yuan in gross merchandise value (GMV) in 24 hours on Sunday.

This represented a 27% increase over 2017’s total, down from a 39% gain in the prior year and 32% in 2016. Also, analysts and observers continue to question Alibaba’s use of the GMV metric, which doesn’t equate one-to-one with sales revenue and produces rosier figures. In fact, Alibaba came under scrutiny from the U.S. Securities and Exchange Commission two years ago for its use of GMV in Singles Day calculations.

CNBC reported GMV on Singles Day surpassed last year’s $25.3 billion at 4:30 a.m. EST on Sunday and continued to climb as the day…