Zhipu's Stock Soars After Chinese AI Startup's Annual Revenue More Than Doubles
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Shares of Zhipu AI surged 27% to HKD878 after the company reported a 132% revenue increase to CNY724 million for the year ending Dec. 31. Despite a net loss widening to CNY4.7 billion, gross profit rose 69% to CNY297 million. The annualized recurring revenue from its open platform and API business reached CNY1.7 billion, a 60-fold increase. Zhipu's CEO emphasized the need for a simple business model and noted that API pricing has increased by 83%, with demand still exceeding supply. The company aims to continue its growth trajectory in the AI sector.
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