Alibaba Group Holdings surpassed $5 billion in gross merchandise volume within the first 90 minutes of Single’s Day, a massive day of promotions for online sales in China held annually on Nov. 11, similar to Cyber Monday in the U.S. Last year, the company hit just $2 billion in sales in the first hour. It then went on to process $9 billion in total sales, with 42.6% of gross merchandize volume coming from mobile devices. This year, the company is expecting a greater percentage of buyers to come from mobile devices. Shares of Alibaba ticked up 0.5% to $81.74 in recent trade. They are down more than 31% from 12-months ago, underperforming the S&P 500, up 2%.
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