Jack Ma-Backed Ant Sees Profit Slide 10% After Shake Up
- Ant contributed 3.9 billion yuan to Alibaba’s earnings
- The fintech company made 11.7 billion yuan in profit
Ant proposed buying back as much as 7.6% of its shares last year.
Photographer: Lionel Ng/BloombergThis article is for subscribers only.
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.