Chinese AI software company SenseTime’s first-half net loss narrowed by 1.1%, total loss since 2018 reached 46.8 bn yuan
COMPANY NEWS
Chinese AI software company SenseTime’s first-half net loss narrowed by 1.1%, total loss since 2018 reached 46.8 bn yuan
COMPANY NEWS

Chinese AI software company SenseTime’s first-half net loss narrowed by 1.1%, total loss since 2018 reached 46.8 bn yuan

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Chinese AI software developer SenseTime slightly narrowed its net loss by 1.1% year over year to 3.12 billion yuan in the first half of 2023, bringing the total loss since 2018 to 46.8 billion yuan. 

Revenue grew by 1.3% to 1.43 billion yuan, of which, sales from the smart business segment jumped by 50.2% to 853.6 million yuan, driven by the generative AI-related business, it said.

The number of the segment’s customers dropped by 6.1% to 481 but the average revenue per client soared by 60%, it said.

Revenue from smart life business climbed by 6.7% to 311.8 million yuan but that of smart city plunged by 57.7% to 183.8 million yuan as it “shifted its focus to top tier customers with strong credit profiles.” Sales from smart auto also fell by 30.5% to 83.9 million yuan.

The group’s gross profit margin sank by 20.7 percentage points to 45.3%, mainly due to higher hardware and AI data center-related costs.