SAN FRANCISCO – Chinese e-commerce company Alibaba did a record $14.3 billion in sales on Singles Day Wednesday, breaking last year’s record and blowing past its estimates of $11 billion in sales.
“Last year, at $9.3 billion, it was the biggest online sales day in history. I think we can absolutely say that this has topped that,” said Katherine Wilson, director of marketing insights for Clavis Insight, a Boston-based market research firm.
Alibaba shares (BABA) were down 2% in trading Wednesday, at $79.80.
Mobile sales made up the bulk of orders — about 70%, Alibaba Group Holding Limited said.
Singles Day is a creation of Chinese online retailer Alibaba, which six years ago took an obscure Valentine’s Day-like holiday that began in the 1990s and turned it into an excuse to go shopping for oneself. In its English materials, the company brands the event as a Global Shopping Festival.
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