Chinese AI firm iFlytek expects profit surge in first three quarters

SHENZHEN - Chinese artificial intelligence (AI) firm iFlytek Co Wednesday forecasted significant profit growth in the first three quarters of this year.

In a filing to the Shenzhen Stock Exchange, iFlytek expected its net profit attributable to shareholders to reach at least 330 million yuan ($46.7 million) in the first nine months.

The company said its profit was predicted to surge at a pace ranging from 50.61 percent to 73.43 percent year-on-year.

The company attributed the robust performance in the period to its technology-driven strategy amid the sustainable development of the AI industry.

Shares of iFlytek closed 0.54 percent higher at 31.55 yuan on Wednesday.