AI firm iFlytek profit up 70 pct in January-September

Source: Xinhua| 2019-10-25 17:02:54|Editor: Shi Yinglun
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BEIJING/HEFEI, Oct. 25 (Xinhua) -- Chinese artificial intelligence (AI) firm iFlytek Co. reported strong net profit growth in the first three quarters of this year amid the AI industry development.

In a filing to the Shenzhen Stock Exchange Thursday, iFlytek said it raked in a net profit of 373.6 million yuan (52.9 million U.S. dollars) in the past nine months, up 70.5 percent year on year, with revenue rising 24.4 percent to 6.57 billion yuan.

In the third quarter, its net profit and revenue soared 108.1 percent and 13.1 percent year on year to 184.1 million yuan and 2.34 billion yuan, respectively.

The company attributed the robust performance to its technology-driven strategy amid the sustainable development of the AI industry, as well as its rapidly growing open-platform business and involvement in the education and health care sectors during the period.

The iFlytek 1024 Global Developer Festival opened Thursday in Hefei, capital of east China's Anhui Province. More than 200 companies attended the event, including those leading ones in China's AI industry, presenting their latest AI products and services in various fields such as image recognition, smart homes and robotics.

The Hefei-based company is seeking cooperation with leading domestic chipmakers and global business partners, said Hu Yu, iFlytek's rotating president, adding that the future core businesses and profitability of AI will be on the rise.