BEIJING (dpa-AFX) - Baidu Inc. (BIDU) said that its Singles' Day advertising revenue increased by 120% compared to last year, buoyed by record-breaking sales by Chinese consumers during the biggest annual shopping festival in China on November 11.
'The active participation of merchants from a larger variety of industries such as beauty, food and beverage, education and housekeeping services during Singles' Day was a win-win situation for Baidu, the merchants, consumers and e-commerce platforms,' said Alex Cheng, Baidu's Vice President and Chief Technology Officer of Baidu Search.
Singles' Day takes place on November 11 every year and is the biggest shopping festival in China with Chinese consumers spending billions of dollars buying online. Chinese e-commerce company Alibaba Inc. announced that this year's Singles' Day gross merchandise volume reached a record RMB168.2 billion or US$25 billion, while another e-commerce platform JD.com reported RMB127.1 billion or US$19 billion in GMV.
Copyright RTT News/dpa-AFX