Shares of several massive Chinese internet powerhouses, including JD.com (JD - Free Report) and Alibaba (BABA - Free Report) , moved higher on Monday morning, thanks in part to impressive earnings results and record-breaking Singles’ Day sales.
Most notably, JD.com reported its fiscal third-quarter financial results on Monday. The company saw revenues of $12.587 billion in the quarter, which was more than 38% higher than it witnessed in the prior-year period.
JD, which operates China’s second-largest e-commerce marketplace, guided for December quarter sales on the high end of current analyst projections. Management also noted that sales in the first 11 days of November—the lead up to the country’s Singles’ Day shopping holiday on Nov. 11—were up about 50% from last year.
In the wake of this solid news, JD shares gained about 5.3% in morning trading Monday. The red-hot stock is now up more than 65% in 2017.
Shares of the company’s main rival, Alibaba, also gained on the back of impressive Singles’ Day numbers. Alibaba said that it brought in $25.3 billion on Saturday, a 40% jump from its year-ago figures. By comparison, total U.S. retail sales from Thanksgiving until Cyber Monday accounted for about $13 billion last year.
Singles’ Day, which began as a sort-of protest against Valentine’s Day, has quickly grown into the world’s busiest shopping holiday. Based on this year’s preliminary figures, it appears that this year’s event was likely the largest shopping day in history.
Shares of other Chinese internet giants, including Tencent (TCEHY - Free Report) , were also up on Monday morning. Collectively, China’s internet stocks have had a remarkable year on Wall Street. For example, the KraneShares CSI China Internet ETF (KWEB - Free Report) has gained more than 26% in just the past six months.
For more on the booming Chinese tech sector, check out this recent episode of the Zacks Market Edge podcast:
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