Reported about 2 months ago
Ant Group's profits fell by 10% in the March quarter, largely due to recent structural changes and intensified efforts to expand internationally. The company, part-owned by Jack Ma, reported a profit of approximately 3.9 billion yuan ($545 million), even as it undertakes major reforms including the establishment of independent boards and partnerships with various e-wallet platforms to enhance cross-border payment solutions. Ant's international strategy aims to compensate for slowing domestic growth, following intense scrutiny and fines from Chinese regulators.
Source: YAHOO