Ant Group's profit falls 37% to $2.1 billion after regulatory setbacks

Ant Group Co.’s profit fell to $2.1 billion in the March quarter after Chinese regulators thwarted its record initial public offering and told it to overhaul its sprawling operation.
 

Billionaire Jack Ma’s fintech giant contributed nearly 4.5 billion yuan ($696 million) to Alibaba Group Holding Ltd.’s earnings, a company filing showed Tuesday. Based on Alibaba’s one-third stake in Ant, that translates to 13.6 billion yuan in profit, down 37% from the previous three months. Ant’s earnings lag one quarter behind Alibaba’s. Ant declined to comment.

The fall in profit underscores the challenges facing Ant following a widespread crackdown on China’s most