(Bloomberg) – The quarterly benefit of Ant Group Co. has increased by more than 50 times after benefiting from an investment gain, a major boon for the Chinese giant Fintech founded by Jack Ma.
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The online finance company based in Hangzhou contributed nearly 4.49 billion yuan (618 million dollars) of profit in Alibaba Group Holding Ltd. Considering a third of Alibaba in Ant, which translates into approximately 13.6 billion yuan in profit for the three months closed seven. 30, according to Bloomberg calculations based on the report on Alibaba’s results.
Ant’s profits have delayed a quarter of a quarter on Alibaba. The company Fintech allocated considerable profit to a gain in net investment, compared to a loss of this activity the previous year. The results in relation to an increase of 193% of the profit for the second quarter.
Ant refused to comment in a statement sent by e-mail.
Alibaba posted its fastest income growth in income over a year during the December quarter, reflecting a turnaround in its business activities and its great progress in the critical field of AI.
The feeling of the Chinese technological sector improves, after President Xi Jinping met with eminent entrepreneurs, including the co-founder of Ant and Alibaba, this week to report the approval by Beijing in the private sector. The Chinese billionaire has tried to motivate the staff with visits, even if it no longer occupies management positions at Alibaba and Ant.
In December, MA made a rare appearance during the celebration of Ant’s 20th anniversary, discussing the future and opportunities of the company brought by artificial intelligence. He recognized the challenges of which Ant faces, adding that the company has matured and benefited from criticism.
Ant has pierced in certain regions of AI. The company created a unit last year to focus on the development of humanoid robots, said a spokesperson for the ant. The company has deployed a set of services, including an “Life assistant” application called Zhixiaobao, which helps people order meals, to the hail of taxis and to access other functions in its mobile payment application Alipay.
Last year, Ant has promulgated large revisions of its activity, creating independent advice for international units, database and digital technology to open the way for future benefits.
The movements occurred after I gave up control of the ant in 2023. China wound its repression against the internet sector formerly high -flying by slapping more than a billion dollars of fines on Ant and Tencent Holdings Ltd. in July 2023.
