Alibaba made progress last year and raises guidelines for 2017

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Chinese e-commerce giant Alibaba released its third-quarter revenue report on Tuesday, which showed a 54 percent surge year on year.

The group's revenue has beat market expectations with about 53.2 billion yuan (7.67 billion US dollars) in its third quarter. It would raise 2017 full-year guidance for revenue growth from 48 percent to 54 percent.

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 Group Founder and Executive Chairman Jack Ma attends the announcement of a long-term partnership of Alibaba as International Olympic Committee (IOC) worldwide sponsors on the sideline of the Forum's annual meeting in Davos on January 19, 2017. /CFP Photo

As the largest player in China's e-commerce market, Alibaba’s core e-commerce revenue is set to reach 46.5 billion yuan (about 6.7 billion US dollars) in the third quarter, with a 45 percent rise year on year.

Revenue from cloud computing, digital media and entertainment, and innovation initiatives also increased. The cloud computing business grew by 115 percent year on year to 1.7 billion yuan (about 254 million US dollars).

"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.

Jack Ma (R), founder and executive chairman of Alibaba Group, and US President Donald Trump pose for the media after their meeting at Trump Tower on January 9, 2017. /CFP Photo ‍

Earlier this month, Alibaba Chairman Jack Ma promised to add a million small US businesses to the company's platforms over five years in the meeting with US president Donald Trump. Later, Alibaba struck a landmark partnership of a 12-year strategic deal with the International Olympic Committee announced by Jack Ma at the World Economic Forum in Davos.

(With inputs from Xinhua News Agency)

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