Nov 12, 2021 (Baystreet.ca via COMTEX) -- Alibaba's (NYS:BABA) Singles' Day shopping event has posted record sales of 540.3 billion yuan ($84.5 billion U.S.).
The success of the one-day shopping festival provides China's largest e-commerce firm with a boost after a year of heightened regulatory scrutiny.
The strong performance could also ease concerns of shareholders who are coping with a 30% slump in Alibaba's shares this year, which has seen the company hit with a record $2.8 billion U.S. antitrust fine and report its first revenue miss in two years.
Alibaba's U.S.-traded shares rose 3.3% on news of the record sales generated by Singles' Day.
Since its debut in 2009, Singles' Day has come to dwarf U.S. Black Friday and Cyber Monday sales in both intensity and size. Alibaba has turned the event into one part showcase of commercialism and one part publicity blitz, featuring enormous discounts to encourage consumption as well as appearances by celebrities such as singer Taylor Swift.
This year's event featured appearances by actor Benedict Cumberbatch and Chinese popstar Jackson Yi. Alibaba has pledged to donate one yuan each time Singles' Day shoppers buy certain items and post their purchases on social media.
Alibaba is scheduled to release its September quarter results on November 18, with analysts on average forecasting a 33% increase in sales.
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