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.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.