Chinese AI Firm iFlytek Denies Rumored Layoff Plans
Zhang Yushuo
DATE:  Apr 13 2022
/ SOURCE:  Yicai
Chinese AI Firm iFlytek Denies Rumored Layoff Plans Chinese AI Firm iFlytek Denies Rumored Layoff Plans

(Yicai Global) April 13 -- IFlytek told Yicai Global there is no truth in rumors that the Chinese developer of artificial intelligence technology will reduce its headcount, saying that it has no such plans.

IFlytek scotched the speculation today after an internet user recently posted a“graduation certificate” on jobs platform Maimai, suggesting that people will soon be leaving the Hefei-based company.

“You’ll graduate from iFlytek and start a brand new journey,” the post said. Last month, Chinese video-streaming and mobile gaming company Bilibili and e-commerce giant JD.Com used the word “graduation” to describe layoffs, so the post about iFlytek triggered widespread speculation about impending staff cuts.

IFlytek has more than 10,000 employees with an average age of less than 30, the company said at its online annual meeting in January.

The company told Yicai Global that the talk about graduation online may be based on the autograph book it creates for employees who resign. But it said the gesture was just a routine practice and it is not planning to lay off staff.

Net profit at iFlytek last year rose 14 percent to CNY1.6 billion (USD244.4 million) on a 41 percent jump in revenue to CNY18.31 billion (USD2.87 billion).

The company also logged strong first-quarter results this year. After deducting non-recurring gains and losses, profit gained 37 percent from a year earlier to CNY145 million (USD22.7 million). Revenue jumped 40 percent to CNY3.5 billion.

Shares of iFlytek [SHE: 002230] fell 1.6 percent today, the same as the broader Shenzhen market, to close at CNY41.71 (USD6.55).

Editor: Tom Litting

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Keywords:   iFlytek,layoff