iFlytek is flying high as AI booms
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IFLYTEK, one of the biggest domestically listed artificial intelligence firms, posted net profit growth last year of 51.1 percent and revenue passed 10 billion yuan (US$1.43 billion) for the first time.
Shenzhen-listed iFlytek, with AI applications and devices such as voice recognition, real-time translation and education robots, said yesterday net profit was 819 million yuan in 2019. Revenue hit 10.1 billion yuan, up 27.3 percent.
The company attributed the growth to its AI 2.0 strategy. iFlytek’s consumer business income jumped 43.9 percent to 3.63 billion yuan in 2019.
The company gained 2.06 percent to close at 35.25 yuan yesterday, while the Shenzen index rose 1.05 percent.
In the first quarter, iFlytek reported losses of 131 million yuan because of the COVID-19 outbreak. It expects business to rebound in the second quarter.
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