Technology

Jack Ma’s Ant Posted $3.4 Billion Profit After IPO Halt

  • Ant Group’s profit rose 50% compared with previous quarter
  • Ant earnings lag one quarter behind Alibaba’s financials
WATCH: Alibaba Group Holding Ltd. posted its first net loss in 9 years. The Chinese e-commerce giant is pledging to come back strongly with key investments. (Source: Bloomberg)
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Ant Group Co.’s profit rose to $3.4 billion in the December quarter after Chinese regulators thwarted its record initial public offering and told it to scale back its sprawling business.

Billionaire Jack Ma’s fintech giant contributed nearly 7.2 billion yuan to Alibaba Group Holding Ltd.’s earnings, a company filing showed Thursday. Based on Alibaba’s one-third stake in Ant, that translates to 21.8 billion yuan ($3.4 billion) in profit, up 50% from 14.5 billion yuan in the previous three months. Ant’s earnings lag one quarter behind Alibaba’s. Ant declined to comment.

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