Chinese artificial intelligence (AI) specialist iFlyTek said on Thursday that it may turn losses into profits in the first quarter of 2021 on strong demand for its AI-driven services.
For the first three months of the year, iFlyTek said that it expects net profits to reach between 125 million yuan ($19 million) and 145 million yuan, compared with a net loss of 131 million yuan in the same period of 2020, when the coronavirus pandemic delayed operations, delivery and inspection of many of its projects, according to the filing to the Shenzhen Stock Exchange.
iFlyTek attributed the U-turn in fortunes to the sustainable development of the AI industry and the strategic deployment of its technologies in areas such as education and healthcare.
Since the coronavirus outbreak began spreading in China last January, many tech firms in the country have supported the national fight against the virus by offering money, medical supplies and technology that can be utilized to combat the disease. iFlyTek’s technologies have been used to screen for patients infected with the coronavirus, track its spread and enable students to continue their studies via online education platforms.
Contact reporter Ding Yi (email@example.com)