Jack Ma-Backed Ant’s Profit Fell 92% From Higher Investment Loss
- Decline in profit is attributed to Ant’s net investment loss
- Ant was at the heart of Beijing’s crackdown on Alibaba
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Ant Group Co.’s quarterly profit fell 92% as the fintech pioneer founded by Jack Ma struggles to revive a business wracked by an economic downturn and more than a year of regulatory scrutiny.
The Hangzhou-based company contributed 80 million yuan ($11 million) of profit to Alibaba Group Holding Ltd. Based on Alibaba’s one-third stake in Ant, that translates to an estimated 240 million yuan in profit for the fintech company’s September quarter, according to Bloomberg calculations off the listed company’s disclosures.