Alibaba's trading platforms earned a record $84.5 billion in combined revenue from "Bachelor's Day" sales. By comparison, last year the holding company founded by billionaire D. Ma earned 77.8 billion USD on sales. By this measure, it managed to beat the U.S. Cyber Monday and Black Friday sales. Last year customers spent on them only 34.4 billion USD.
Since the beginning of the year, Alibaba shares have fallen in price by 30% due to the pressure put on the holding by the Chinese authorities. The record-breaking gains from the selloff are expected to calm investors a bit. Alibaba shares were up 2.4 percent in NYSE trading today.
On the eve of "Bachelor's Day," the Chinese government demanded that local retailers refrain from inflating prices and reduce spam messages. In this regard, Alibaba management decided to focus on charity and sustainability rather than sales growth. Contrary to tradition, interim sales figures for the Chinese holding company have not been made public this year.