Alibaba revenue surges 54% in 3rd fiscal quarter

A view of Alibaba Group's headquarters in Hangzhou, East China's Zhejiang province, March 21, 2016. [Photo/Xinhua]

HANGZHOU - China's e-commerce giant Alibaba said on Tuesday that its quarterly revenue had jumped 54 percent year on year in the third fiscal quarter ending December.

The group's revenue was about 53.2 billion yuan ($7.67 billion) in the quarter, beating market expectations, Alibaba said.

Daniel Zhang, chief executive officer of Alibaba, said the robust quarter demonstrated the strength of Chinese consumers and Alibaba's ability to create value.

Alibaba is the largest player in China's e-commerce market.

Its core e-commerce revenue increased 45 percent year on year to reach 46.5 billion yuan in the third fiscal quarter.

Revenue from cloud computing, digital media and entertainment, and innovation initiatives also increased.

Its cloud computing business grew by 115 percent year on year and reached 1.7 billion yuan.

"With three quarters of the year coming in ahead of expectations, we are adjusting up our estimate for the growth of 2017 fiscal year revenue from 48 percent to 53 percent," said Maggie Wu, chief financial officer of Alibaba Group.