The news: Ant Group’s profit plunged 63% year over year (YoY) in the three months ending June 30, 2022, per Bloomberg. (Ant Group reports earnings a quarter behind most companies.) Performance changed dramatically from the same period last year, when profits increased an estimated 39% YoY.
Key context: Ant Group has been restructuring amid government crackdowns, which has complicated growth efforts and most likely hurt profits.
What’s next? Facing a tighter regulatory environment in China, Ant Group is looking for growth overseas.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
One Liberty Plaza9th FloorNew York, NY 100061-800-405-0844