Laix, an artificial intelligence company providing online English learning services in China, has announced a 2019 net loss of ¥574.8 million (£65.6 million), compared to a net loss of ¥516.1 million reported for 2018.
Net revenue for the year ¥1.02 billion, up from ¥637.2 million reported for Q3 2018.
The Shanghai-based company also announced results for the fourth quarter of 2019. Its net loss for the period was ¥205.6 million, compared to a net loss of ¥163.4 million for Q4 2018. Revenue for the quarter was ¥231.4 million, up from ¥224.5 million reported for Q4 2018.
Laix chairman and chief executive Dr Yi Wang said: “We are all very concerned about the covid-19 outbreak in China. As part of our overall existing corporate social responsibility mandate, we have initiated efforts as a company to help those who have been impacted. At the end of January, we launched a nationwide initiative to offer complimentary courses as a way to support this fight and help those in the most impacted regions. We hope our offerings will bring encouragement to our users through our effective online language learning products. Internally, we have been adjusting our operations with employees in Wuhan who were working from home since the outbreak. However, we believe there will be very limited impact on our operational and financial performance due to our online business model. At the industry level, we have seen increasing user traffic and accelerating popularity of online education, we believe we can help make a difference in language learning by providing an effective, efficient, and customised online learning experience.”