The Nov. 11 event, known as Singles Day, was fueled by the increasing number of Chinese consumers using smartphones and tablets to shop, according to The Wall Street Journal.
And Alibaba's founder Jack Ma told media outlets that he hopes to publicly list shares of Alipay, the company's online financial services arm, in China in the near future. Alibaba's $25-billion IPO in September on the New York Stock Exchange was the largest public offering on record.
Alibaba shares fell 3.77% to close at $114.61 Tuesday. Here's what analysts were saying.
Cheng Cheng, Pacific Crest Securities (Outperform; $127 price target)
Singles Day performance was driven by strong mobile adoption and strong brand performance. We continue to see Alibaba as a driver and beneficiary of e-commerce growth in China, which is still in the early phases. We continue to be positive on BABA.
While growth has been slowing due to the sheer scale of the event, we still see several metrics to suggest that Singles Day is becoming an increasingly important event for Alibaba and an increasingly larger contributor to the December quarter. When we compare Singles Day GMV to total December-quarter GMV, 2014 grew to roughly 7.5% compared to 6.8% in 2013 and 5.5% in 2012.