Reported 8 months ago
Internet investment giant Prosus NV, under parent company Naspers Ltd., achieved profitability in its e-commerce division for the first time as new CEO Fabricio Bloisi is set to take over in July. The full-year trading profit of $38 million for the e-commerce unit, excluding its Tencent Holdings Ltd. stake, marks a significant turnaround from the $413 million loss in the previous fiscal year. The company's success is attributed to improved efficiencies, cost cuts, and AI implementations, with a focus on growth, profit, and margin expansion moving forward.
Source: YAHOO