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Iflytek profit misses consensus by 85.8% in Q2

Iflytek Co. Ltd. said its normalized net income for the second quarter amounted to 9.7 million yuan, a fall of 77.0% from 42.3 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 7.9% from 11.0% in the year-earlier period.

Total revenue grew 64.1% on an annual basis to 633.0 million yuan from 385.8 million yuan, and total operating expenses increased 66.9% on an annual basis to 611.0 million yuan from 366.2 million yuan.

Reported net income grew 16.1% on an annual basis to 76.5 million yuan, or 7 fen per share, from 65.9 million yuan, or 6 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.