iFlytek’s expenses swell in the first quarter of 2019

Artificial intelligence (AI) company iFlytek’s first quarter revenue dropped by 25% from the end of last year, while research and development (R&D) spending rose and financial expenses ballooned.

iFlytek’s first-quarter revenue reached nearly RMB 2 billion (around $300 million), down from RMB 2.6 billion in the fourth quarter of 2018, but up 40% year on year, according to its latest financial results, released this week.

At the same time, the company published its annual report, with 2018 revenue of RMB 8 billion, up 45% compared to 2017. Net profits for 2018 rose 25% year on year.

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