💨 Abstract

Ant Group, co-founded by Jack Ma and partially owned by Alibaba, reported a 192.9% increase in net profit to 7.59 billion yuan ($1.05 billion) for Q1 2023. This growth was mainly due to a 7.07 billion yuan fine paid to the Chinese government a year earlier, marking the end of a multi-year regulatory overhaul.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖