Scienjoy Posts 1Q Loss as It Reshapes Toward AI

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By Sabela Ojea

Scienjoy Holding reported Friday a quarterly loss amid a significant drop in revenue as it reshapes its business toward AI.

The China-based live streaming platform provider posted a first-quarter net loss of 5.5 million Chinese yuan ($858,000) compared with a profit of CNY83.2 million for the same period a year earlier.

Revenue fell 34% to CNY304.3 million.

“We’re constructing an open Metaverse platform and ecosystem, integrating cutting-edge AIGC technology and leveraging our extensive online business expertise,” Chief Executive Victor He said.

Write to Sabela Ojea at [email protected]

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