China's Alibaba quarterly revenue surges 54% to $7.7 billion

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

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Revenue for the company, seen as a benchmark for China's increasingly crucial consumer sector, reached 53.25 billion yuan (nearly $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.

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