Asian Tech Press (Aug 5) -- Ant Group, the fintech unit of Alibaba Group Holding Ltd., contributed $555 million to the parent company's revenue in the quarter to June.

Alibaba on Thursday reported its earnings results for the first quarter of fiscal 2023, which ended June 30, 2022.

The Chinese e-commerce giant recorded revenue of 205.555 billion yuan ($30.689 billion) in the fiscal quarter, slightly above estimates of 203.97 billion yuan, but meaning it failed to post revenue growth for the first time since its IPO in 2014.

Notably, Ant Group contributed $555 million in profit to Alibaba in this fiscal quarter, down 17% YoY and almost half the amount from the previous quarter.

This followed closely on the heels of news that Alibaba founder Jack Ma plans to relinquish control of Ant Group.