Chinese AI firm iFlytek expects profit surge in first three quarters

SHENZHEN, Oct. 9 (Xinhua) -- 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 (about 46.7 million U.S. dollars) 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.