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 sabela.ojea@wsj.com
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