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Seize Holdings, the Southeast Asian ride-hailing and supply specialist, reportedly goals to realize full-year profitability by specializing in natural development and investing in synthetic intelligence (AI) applied sciences.
The corporate is dedicated to constructing new merchandise and capabilities to ramp up development within the coming years, Chief Monetary Officer Peter Oey informed The Wall Avenue Journal in a report printed Friday (Feb. 23).
Oey’s feedback come a day after Seize reported that it swung to a revenue of $11 million within the fourth quarter, an enchancment from the $391 million loss it reported a 12 months earlier, in accordance with the report. This marked the corporate’s first quarterly revenue.
As Seize appears towards the longer term, it plans to put money into initiatives powered by AI to extend effectivity in areas akin to advertising, customer support and menu translation, in accordance with the report.
For instance, the corporate not too long ago adopted an AI translation software for its Assist Heart articles, signaling a continued give attention to leveraging expertise for development, per the report.
“There’s nonetheless an extended option to go,” Oey mentioned of the corporate’s ongoing investments in AI.
Seize CEO and Co-founder Anthony Tan highlighted the corporate’s plans to additional leverage generative AI to drive product enhancements throughout a quarterly earnings name held Thursday (Feb. 22).
“For instance, we’ve now developed our personal in-house LLM-powered advertising software which has enabled us to cut back content material era time from 99 hours to only 90 minutes whereas elevating output high quality,” Tan mentioned.
Seize attributed the achievement of its first quarterly revenue to an accounting change and cost-cutting measures, together with decreasing bills akin to worker prices and incentives for drivers and shoppers, the WSJreport mentioned.
Nevertheless, the corporate noticed a current drop in its market cap following steering that missed expectations, perthe report.
DBS analysts described Seize’s forecasts for 2024 adjusted Ebitda as “too conservative,” in accordance with the report.
Citi analyst Alicia Yap mentioned the numbers doubtless indicated the corporate’s uncertainty about new product initiatives, but additionally highlighted its main place within the supply enterprise and potential for constant margin enlargement, the report mentioned.
HSBC analysts mentioned that information of a possible sale of Foodpanda falling via was excellent news for Seize as a result of it eliminated the specter of a brand new competitor, per the report.
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