vested
SenseTime loss edges down by 1pcby Aiden He
SenseTime (0020) slightly narrowed its net loss by 1.1 percent to 3.12 billion yuan (HK$3.36 billion) in the first six months of this year from a year earlier, bringing the total loss since 2018 to 46.8 billion yuan.
The Chinese artificial intelligence company's revenue grew by 1.3 percent to 1.43 billion yuan in the period.
Sales from the smart business segment jumped by 50.2 percent to 853.6 million yuan. The number of the segment's customers dropped by 6.1 percent to 481 but the average revenue per client soared by 60 percent, it said.
Revenue from smart life business climbed by 6.7 percent to 311.8 million yuan.
Rev from smart city plunged by 57.7 percent to 183.8 million yuan.
Sales from smart auto also fell by 30.5 percent to 83.9 million yuan.
Before the results announcement, Caixin reported that SenseTime has been cutting up to 15 percent of the headcounts in the smart city business since last month.
SenseTime had 5,016 employees by June, down from 5,098 in December and 5,943 from a year ago.
The group's gross profit margin in the six months, meanwhile, sank by 20.7 percentage points to 45.3 percent, mainly due to higher hardware and AI data center-related costs.
Its research and development expenses reached 1.78 billion yuan, despite having declined by 12.4 percent from a year ago. It attributed the drop to decreases in employee benefit expenses, as well as in server operation and cloud-based service fees.
Its cash and cash equivalents were 7.15 billion yuan and term deposits were 4.69 billion yuan as of the end of June.
Source: The Standard
https://www.thestandard.com.hk/section- ... own-by-1pc
It's all about "how much you made when you were right" & "how little you lost when you were wrong"