Jack Ma’s Ant Sees Profit Fall 17% After Regulatory Setback

Billionaire Jack Ma’s Ant Group Co. saw profit growth fall in the three months ended in March as it reels from the pain of a sweeping overhaul ordered by regulators.

The Hangzhou-based company contributed 3.7 billion yuan ($547 million) to Alibaba Group Holding Ltd.’s earnings, a filing showed Thursday. Based on Alibaba’s one-third stake in Ant, that translates to an estimated 11.2 billion yuan of profit for Ant’s March quarter, down 17% from a year earlier. Ant’s earnings lag a quarter behind Alibaba’s.