Chinese AI champion iFlyTek back in the red as operations struggle amid coronavirus pandemic

The Shenzhen-listed company has forecast a first-quarter net loss of US$17.7mil to US$19.1mil. That compares with a net profit of US$14.4mil in the same period last year. — SCMP

Artificial intelligence (AI) company iFlyTek, China’s champion in speech recognition technology, expects to report a first-quarter net loss, owing to difficult operating conditions amid the coronavirus pandemic.

The Shenzhen-listed firm projected a net loss of 125mil yuan to 135mil yuan (RM76.74mil/US$17.7mil to RM82.86mil/US$19.1mil) in the March quarter, compared with a net profit of 101.9mil yuan (RM62.56mil) a year ago, according to its stock exchange filing on Monday.