SenseTime tumbled up to 8% in Hong Kong after report of new round of layoffs, sinking gross profit
COMPANY NEWS STOCKS
SenseTime tumbled up to 8% in Hong Kong after report of new round of layoffs, sinking gross profit
COMPANY NEWS STOCKS

SenseTime tumbled up to 8% in Hong Kong after report of new round of layoffs, sinking gross profit

 

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Chinese AI software company SenseTime’s shares tumbled as much as 8% to hit a low of HK$1.37 at one point, before closing 2.7% higher at HK$1.54.

It’s reported that SenseTime has kicked off a round of large-scale layoffs across various departments, according to Chinese news outlet Caixin, marking the company’s second large-scale downsizing in less than a year. Read more …

The company’s first-half net loss dipped to 3.12 billion yuan, compared with a loss of 3.158 billion yuan in the same period a year earlier. Revenue rose by 1.3% year over year to 1.433 billion yuan.

Gross profit slid by 30.5% on year to 649 million yuan and gross profit margin sank by 20.7 percentage points to 45.3%, mainly due to higher hardware and AI data center-related costs.