Chinese AI unicorn SenseTime reported a net loss of RMB 4.3 billion ($592 million) for the full year of 2024, exceeding analysts’ estimates of a RMB 4 billion ($551 million) loss. However, the company reduced its losses compared to the previous year by cutting costs, including staffing, marketing, and travel expenditures. Revenue for the year rose by 11%, reaching RMB 3.8 billion ($523 million), driven primarily by strong performance in its generative AI segment. Despite this growth, the company’s revenue fell short of analysts’ projections of RMB 4.5 billion ($619 million). The generative AI business has been one of the fastest-growing areas within SenseTime, reporting triple-digit growth for the second consecutive year. [SenseTime]
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