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Jack Ma-Backed Ant’s Profit Grew 10% After AI, Global Expansion
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Ant Group profit climbs 10% as Jack Ma leans into AI and overseas markets
Ant Group booked a 10% jump in profit for the quarter ending June 30, after ramping up investments in artificial intelligence, robotics, and overseas tech infrastructure. The Hangzhou-based firm, which runs China’s go-to payments app Alipay, added 2.7 billion yuan ($381 million) in profit to Alibaba’s bottom line. With Alibaba owning one-third of the company, the full quarterly net for Ant comes out to around 8.3 billion yuan, based on figures s…
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