SenseTime’s revenue rose 21.4 percent year-on-year to 1.74 billion yuan ($244.3 million) in the first half of the year, the company said in financial results released on Tuesday.
GenAI has become the company’s “dominant business,” driven by demand for its LLMs and AI computing infrastructure services in the Chinese market, SenseTime said in its report. But revenue from what the company calls traditional AI, which mainly consists of its smart city services, has declined 50.6 percent year-on-year.
The company reported losses of 2.4 billion yuan in the six months to June, down 21.2 percent from the same period last year. Losses for the full year 2023 were 6.49 billion yuan, according to the 2023 results.
Shares of SenseTime, which went public in Hong Kong in 2021, fell 5.93 percent to HK$1.11 in morning trading on Wednesday, still well below their IPO price of HK$5.50.
According to data recently released by research firm IDC, the company has emerged as a major player in the field of enterprise-focused GenAI services.