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Alibaba's Single Day sales 5 times US Black Friday+ Cyber Monday

• by brian wang

The most recent quarter Alibaba's revenue surged by 61 percent thanks to its core business in China.

US Retailers had a record $3 billion on Black Friday and then $3.45 billion on Cyber Monday last year. Both were records. Alibaba had over 5 times more than both those days combined.

Alibaba reported total quarterly revenue of RMB 55.1 billion ($8.3 billion), beating expectations of RMB 52.2 billion according to a Reuters poll with 61 percent growth. Net profit for the period increased by 146 percent to reach RMB 17.7 billion ($2.7 billion).

Alibaba raised its forecast for annual revenue growth from 49 percent to 53 percent as a result of an investment in logistics affiliate Cainiao which gave the firm a majority ownership.

Revenue from overseas also grew, up 115 percent year-on-year to RMB 2.9 billion ($433 million), thanks primarily through Lazada in Southeast Asia and the international Aliexpress service.

Luke Lango at Investorplace makes the case that Alibaba's growth narrative is all about the China urbanization boom.

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