(Yicai) Feb. 28 -- Cambricon Technologies, the startup often referred to as China’s Nvidia, said the firm narrowed its loss by 48 percent last year, thanks to surging income and the reversal of credit impairment losses in the period.

Cambricon had a net loss of CNY443 million (USD60.8 million) in the 12 months ended Dec. 31, the Beijing-based company said in an earnings report released yesterday. Revenue jumped 66 percent to CNY1.17 billion (USD164.6 million).

The company, which designs core processor chips for use in the AI sector, attributed its robust growth in annual operating income to the firm’s ongoing market expansion and active support for the deployment of AI technologies.

Cambricon did not disclose fourth-quarter results, but had an implied net profit of CNY281 million, its first black ink since going public in July 2020. Revenue was CNY989 million, up 720 percent on the prior quarter and 75 percent on a year earlier. In the first three quarters of last year, it lost CNY724 million on revenue of CNY185 million.

Amid a slump in Chinese mainland stock markets today, Cambricon [SHA: 688256] closed 7.6 percent lower at CNY735.44 (USD101.02) a share in Shanghai, after earlier sinking by as much as 8.9 percent.

The stock has surged in value by more than four times in the past 12 months, giving Cambricon a market capitalization of CNY307 billion (USD42.2 billion).

Editor: Martin Kadiev