(Yicai) April 21 -- Shares of Cambricon Technologies jumped after the Chinese developer  of artificial intelligence chips reported its second quarterly profit in a row on the back of a 43-fold surge in revenue.

Cambricon [SHA: 688256] closed up 3.8 percent at CNY695 (USD95.30) a share in Shanghai today, after earlier gaining by as much as 8.5 percent.

Net profit was CNY355 million (USD48.7 million) in the three months ended March 31, compared with a loss of CNY227 million a year earlier, the Beijing-based company announced on April 18. Revenue came in at CNY1.1 billion (USD152.4 million).

The company attributed the financial turnaround to its ongoing market expansion and active support for AI rollout, which turbocharged revenue and drove profitability both in terms of net profit attributable to shareholders and adjusted net profit after deducting non-recurring items.

Founded in 2016 and listed in 2020, Cambricon is a key player in China's push to develop its own semiconductor technology, particularly in the field of AI. The chip designer turned profitable for the first time in the fourth quarter of last year.

For the three months ended Dec. 31, it made a net profit of CNY272 million, versus a CNY40.7 million (USD5.6 million) loss a year earlier. Revenue popped 76 percent to CNY989.2 million.

Cambricon also released its 2024 earnings report on April 18. The company shrank its net loss 47 percent to CNY452.3 million in the year on a 66 percent jump in revenue to nearly CNY1.2 billion.

Editor: Futura Costaglione