Alibaba's quarterly revenue rises 54%, raises full-year guidance

Jack Ma's Alibaba Group released an impressive quarterly earnings report on Tuesday, showing a 54% increase in revenue from the same quarter in 2015.

Following the success of its online shopping bonanza, known as "Singles Day", the US-listed Chinese retail giant also revised its full-year growth forecast from 48% to 54%.

Although Alibaba made its name through the retail industry, it has now expanded into a vast sprawl of different branches, including investments into cloud, data and artificial intelligence operations.

It saw massive growth in revenue for its tech areas, including a 273% year-over-year jump in its digital media and entertainment business, taking in $585m.

"Our robust December quarter 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.

"The 11.11 Shopping Festival featured Alibaba at its best, integrating commerce, entertainment and social engagement, all happening globally at record scale," Zhang added.