Ant Group's profit surged more than 50 times, driven by investment gains, contributing 4.49 billion yuan to Alibaba (HKG:9988), which logged an estimated 13.6 billion profit for the quarter ended Sept. 30, 2024, Bloomberg News reported Thursday.
The surge stemmed from a net investment gain, reversing losses from the previous year, as well as strong revenue growth, signaling a rebound in its commerce business and AI expansion, according to the report.
China's tech sector is seeing renewed optimism after President Xi Jinping met with top entrepreneurs, including Ant Group founder Jack Ma, Bloomberg wrote.
Meanwhile, Ant is advancing AI efforts, developing a humanoid robotics unit and launching digital services within its Alipay app. The company also restructured key units to prepare for potential spinoffs.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。