Don Davis says, “That includes $17.4 billion worth of sales on its online marketplaces during the annual Singles’ Day sale. Net income for the first nine months exceeds $5.5 billion.

Alibaba Group Holding Ltd. reported a 54% year-over-year increase in revenue in its fiscal third quarter ended Dec. 31 as China’s mostly mobile shoppers continued to flock to its giant online marketplaces, Taobao and Tmall.

A highlight of the quarter was the $17.4 billion worth of purchases on Alibaba’s shopping portals on Nov. 11, the annual Singles’ Day online shopping extravaganza in China, with 82% of purchases coming from mobile devices. That sales total is five times more than the $3.45 billion Adobe Digital Insights estimated for all U.S. e-retail sales on Cyber Monday 2016, the biggest U.S. web sales day of the holiday season”.

China’s Alibaba reports a 54% increase in revenue in Q3

Internet Retailer

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