Shares of MEITU Inc (01357.HK), a Chinese online advertising and internet value-added services provider, surged 10.16% in the intraday session on Monday, driven by the company's optimistic earnings outlook for 2024.
MEITU expects its 2024 net profit to rise 52%-60% year-over-year on a non-International Financial Reporting Standards basis. This robust growth is projected to be fueled by strong revenue from the company's core businesses of photo, video, and design products powered by Artificial Intelligence features.
According to International Financial Reporting Standards, MEITU anticipates an even more substantial 103%-116% year-over-year increase in its 2024 net profit. The stock's impressive performance follows three consecutive sessions of declines, and if the current trend holds, it will mark the biggest one-day percentage gain for MEITU since January 28th.
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