Business
SenseTime’s Generative AI Surge Boosts Revenue by 21% in H1 2024, Even as Traditional AI Revenue Plummets
The expansion of Sensetime's generative AI has led to a 21% increase in revenue in the first half. The Chinese AI behemoth garnered a revenue of US$244.3 million in the initial six months of 2024, however, the income generated from conventional AI has dropped by over half.
The company SenseTime reported on Tuesday that their revenue for the first half of the year rose by 21.4% compared to the previous year, reaching 1.74 billion yuan (US$244.3 million) as per their latest financial results.
GenAI has emerged as the leading division within the company, with its growth attributed to the high demand for its LLMs and AI computing infrastructure services in China, according to SenseTime's statement. However, the company's earnings from what it refers to as conventional AI – primarily its Smart City services – have seen a decrease of 50.6 percent compared to the previous year.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.