China's Alibaba quarterly revenue surges 54% to USD 7.7 bn

Chinese e-commerce giant Alibaba said today its revenues leapt 54 per cent year-on-year for the quarter ended in December, spurred by rapid growth in Chinese online shopping.

Revenue for the company, seen as a benchmark for China's increasingly crucial consumer sector, reached 53.25 billion yuan (USD 7.7 billion) in the quarter, it said in a statement.

The result "demonstrates the strength of the Chinese consumer and Alibaba's ability to create value across our vast ecosystem", said Daniel Zhang, chief executive officer of Alibaba Group.