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Alibaba, JD Say US Was Top Seller In Their $116B Singles Day Shopping Extravaganza

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Alibaba, JD Say US Was Top Seller In Their $116B Singles Day Shopping Extravaganza

The United States sold the most goods at the shopping festival of Alibaba Group Holding Limited (NYSE: BABA) and JD.Com, Inc (NASDAQ: JD), Reuters reported Wednesday.

What Happened: The two Chinese e-commerce giants generated $116 billion in merchandise volume on Singles Day. While Alibaba racked up a gross merchandise volume (GMV) of $75.28 billion (RMB 498.2 billion), JD.Com stacked up a GMV of $43.17 billion (RMB 271.5 billion).

Top selling countries this year were Australia, Germany, Japan, and South Korea, while last year only the U.S. and Japan were named among the biggest sellers, as per Reuters.

Why It matters: Apple Inc’s (NASDAQ: AAPL) iPhones were among the best selling items at the shopping extravaganza, noted Reuters. 

Alibaba shattered its Singles Day sales record on Wednesday after clocking $56 billion in GMV. In 2019, the Jack Ma-led company had clocked GMV worth $38 billion.

Together the two companies racked up merchandise value worth $68 billion last year on Singles Day. 

Price Action: Alibaba shares closed nearly 0.3% lower at $265.65 on Wednesday and gained 0.79% in the after-hours session. On the same day, JD.Com shares closed 3.45% higher at $82.84 and gained 0.56% in the after-hours session.

 

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