China AI leader iFlytek dips into red under 'ultimate' U.S. pressure ...
HONG KONG -- iFlytek, China's leading artificial intelligence technology developer, is expected to swing to a loss of as much as $65 million for the first half of the year. The company blames heavy investments made under "ultimate" pressure from Washington. The Shenzhen-listed company announced in an earnings preview that its bottom line dipped to a net loss of between 380 million yuan and 460 million yuan ($53.31 million and $64.53 million) in the six months through June. This is a significant drop compared to the net profit of 73.57 million yuan during the same period last year.
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