Sales for the Day of the Bachelor boosted the profits of the Alibaba Group, registering a 9.47% increase in its net profits for the first nine months of the fiscal year.
On the 2018 Bachelor’s Day, one of the Chinese traditions celebrated on November 11, Alibabá had sales of 213.55 billion yuan in a 24-hour period, about US $ 30,802 million.
According to EFE news agency, the Chinese e-commerce giant closed the first nine months of the fiscal year with sales of 61,770 million yuan (US $ 8,984 million). In addition, between April and December the group recorded a 50.45% increase in its revenues to 283.346 billion yuan (US $ 41.211 million).
In the last quarter, Alibaba achieved a net profit of 33,052 million yuan (US $ 4,807 million), 37.3% more than between October and December 2017.
The Day of the Bachelor is a Chinese tradition that the group turned into a special day for electronic consumption, ten years ago. It is a celebration with heavy discounts on thousands of products, similar to the Black Friday of the United States. The date was chosen as opposed to Valentine’s Day and since 2009 it was patented by Alibabá as Double 11.
November 11 was adopted by a student at Nanjing University during the 1990s because the four numbers one symbolize singleness, the pride of not having a partner and being “free” to do what you want without being accountable to nobody. The blue ring is also a symbol of singleness.
The results were disseminated before the opening of Wall Street, where the company is listed, and in the electronic transactions prior to the opening of that market, Alibaba shares were up around 2%.