Chinese AI firm iFlytek profit up 51% in 2019
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E-mail Xinhua, April 22, 2020
Chinese artificial intelligence (AI) firm iFlytek Co., Ltd. posted strong profit and revenue growth last year amid continuous development of the AI industry.
Its net profit grew 51.1 percent year on year to 819 million yuan (about 116 million U.S. dollars) in 2019, iFlytek said in its annual report filed to the Shenzhen Stock Exchange.
Its full-year revenue rose 27.3 percent year on year to 10.1 billion yuan.
The company reversed to losses in the first quarter of 2020 as the COVID-19 epidemic hurt business.
The firm reported a net loss of 131 million yuan in the January-March period, compared to a net profit of 102 million yuan in the same period last year, as the epidemic delayed its projects and thus affected its revenues, iFlytek said in a separate quarterly report.
The first-quarter revenue fell 28.1 percent year on year to 1.41 billion yuan, it said.
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