TECH - China's AI Leader iFlytek Projects $65M Loss Amid Heavy Investments And Rising US Pressure | Benzinga
iFlytek, a prominent artificial intelligence (AI) technology firm in China, predicts a loss of nearly $65 million for the first half of 2024 due to heavy investments amid mounting pressure from the United States.
What Happened: iFlytek released an earnings preview over the weekend, indicating a net loss between 380 million yuan ($53.31 million) and 460 million yuan ($64.53 million) for the first half of the year. This is a stark contrast to the net profit of 73.57 million yuan ($10.1 million) reported during the same period in 2023, Nikkei Asia reported on Monday.
Following this announcement, iFlytek’s China-listed shares saw a nearly 7% drop in Monday’s ...