Ant Group profits rise as Jack Ma returns to the public eye
(Bloomberg) – Ant Group Co.’s quarterly profit has risen more than 50 times since it benefited from investment profits, a major boon for China’s fintech giant, founded by Jack MA.
Most of them read from Bloomberg
The Hangzhou-based online finance company will take Alibaba Group Holding Ltd with a third of its shares, taking into account Alibaba Group Holding Ltd., with a third of its shares, and taking into account Alibaba Group Holding Ltd. ) benefits have been donated. 30, according to Bloomberg’s calculations based on Alibaba’s revenue report.
Ali’s revenues are lagging behind Alibaba’s revenues. Fintech companies attribute a significant profit to net investment income, compared to losses from such activities in the previous year. The results were compared to a 193% profit jump in the second quarter.
Ant declined to comment via email.
Alibaba achieved the fastest pace of revenue in over a year in the December quarter, reflecting a shift in its commercial business and a major advance into key areas of AI.
China’s sentiment towards the high-tech sector is improving. President Xi Jinping met with prominent entrepreneurs this week, including Ant and Alibaba co-founder MA, to inform Beijing of the private sector approval. The Chinese billionaire is trying to motivate staff on visits, despite MA being no longer in managerial positions at Alibaba and Ali.
In December, Massachusetts rarely appeared at Ant’s 20th anniversary ceremony, discussing the company’s future and the opportunities offered by artificial intelligence. He acknowledged the challenges Ali faced, adding that the company has matured and has benefited from criticism.
Ants have invaded some areas of AI. The company established the unit last year to focus on the development of humanoid robots, an Ali spokesperson said. The company has deployed a package of services that includes a “life assistant” app called Zhixiaobao. This will help you order meals, attract taxis and access other features within the mobile payment app Alipay.
Last year, Ant enacted a wide range of overhauls for its business and installed independent boards of international, database and digital technology units to pave the way for future spinoffs.
The move came after MA gave up control of the ANT in 2023. China once rounded out its crackdown on the luxury internet sector in July 2023 by slapping ANT and Tencent Holdings Ltd.’s fines of over $1 billion.