Alibaba Burns $132 Million through Ant Financial
Ant Financial caused Alibaba (BABA) a $132 million loss in the second quarter of fiscal 2019. A year ago, Alibaba booked a $300 million profit courtesy of Ant Financial. Alibaba has a profit-sharing arrangement with Ant Financial, but on a bad day, this arrangement also means sharing the payment company’s losses, which happened in the latest quarter.