Alibaba raises guidance as strategy shift makes progress

(Reuters) - Chinese online retail giant Alibaba Group Holding beat analyst estimates with a 54 percent rise in third-quarter revenue, benefiting from its sharpened focus on cloud and digital media ventures as well as gains in its core business. Seeking new revenue streams with a series of data, cloud, artificial intelligence and logistics projects as China's e-commerce market begins to show signs of saturation, Alibaba said after Tuesday's results that it would raise 2017 full-year guidance for