Ant Group’s profit contribution to Alibaba falls for first time amid restructuring, regulatory pressure

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Ant contributed less to Alibaba’s net profit in the June quarter than a year earlier, as regulatory pressure and economic headwinds hurt earnings.

An Alipay sign at an Ant Group office building in Shanghai.

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Author / Journalist: Ann Cao

Category: Technology

Topics: Sign Building Office Alipay Shanghai Group

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-06, 11:00:17

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Reading Time: 1 minutes read

Article Length: 22 words

Coverage Area: Hong Kong

Availability: Desktop Web, Mobile Web

News ID: 116435

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