Meitu, a Hong Kong-listed developer of photo and design apps, reported strong earnings Monday. It said that artificial intelligence is increasingly driving its business. The net profit increased 71% to RMB470 million ($65million) on revenues of RMB1.8 billion ($251million), an increase of 12.3%. The company stated that revenue was boosted by its core products in imaging and design, which contributed over 74% of total revenues, as well by subscription growth. The number of paying subscribers increased by 42%, to 15.4 millions. This generated RMB 15,4 million ($2.14million). Wu Xinhong, founder and CEO of Meitu, said AI features are now present in 90% of the company’s products. In July, the company launched RoboNeo – an AI agent that helps with creative imaging. It was positioned as a productivity app, but quickly went viral on social networks and exceeded 1 million monthly active users. The growth of Meitu outside China was also notable: the number of monthly active users worldwide reached 280 millions, an increase of 8.5% over the previous year.[ Daughter]
