China’s Alibaba Group Holding Ltd reported a 34 percent rise in quarterly revenue on Tuesday, helped by growth at its cloud computing and e-commerce businesses.
Ant Group, the fintech affiliate of Alibaba Group, recorded a quarterly profit of about 13.48 billion yuan for the quarter ended March, according to the Chinese e-commerce giant’s filing.
Alibaba, which holds about a third of Ant, posted a profit of 4.49 billion yuan for the quarter ended June 30 from its investments in the financial conglomerate.
Alibaba’s revenue rose to 205.74 billion yuan ($31.83 billion) in the first quarter, from 153.75 billion yuan a year earlier.
By Nivedita Balu; Editor: Shounak Dasgupta
The Chinese tech and retail giant has vowed to change practices deemed anti-competitive and support merchants in a bid to move on from recent regulatory troubles.