Ant Group Co.’s profit dropped 10% in the March quarter, following a structural shakeup and ramped up efforts to grow overseas.
The Hangzhou-based fintech company contributed 3.9 billion yuan ($545 million) of profit to Alibaba Group Holding Ltd. Based on Alibaba’s one-third stake in Ant, that translates to an estimated 11.7 billion yuan in profit for the three month ended in March, according to Bloomberg calculations based on the listed company’s disclosures.
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66be23319d344cb3941e33c495f9e36c&url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2024-08-15%2Fjack-ma-backed-ant-sees-profit-slide-10-after-shake-up&c=5136839818855324130&mkt=en-us
Author :
Publish date : 2024-08-15 00:00:00
Copyright for syndicated content belongs to the linked Source.