Business
SenseTime’s Generative AI Growth Drives 21% Revenue Hike in H1 2024 Despite Sharp Decline in Traditional AI Revenue
The expansion of Sensetime's generative AI has resulted in a 21% increase in revenue in the first half. The Chinese AI behemoth accumulated a revenue of US$244.3 million in the initial six months of 2024, although the income from traditional AI has dropped by over 50%.
SenseTime disclosed on Tuesday that its income for the first six months of the year rose by 21.4% compared to the same period last year, reaching 1.74 billion yuan (US$244.3 million) according to the financial statements released by the company.
GenAI has emerged as the main business arm of the company, propelled by the Chinese market's need for its LLMs and AI computing infrastructure services, according to a report by SenseTime. On the other hand, the company's conventional AI business, primarily composed of its Smart City services, has seen a 50.6 per cent decline in revenue on an annual basis.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.