China’s tech giants will focus more on their business outlook next week after signals from the sector that the industry is emerging from a volatile few years.
Xiaomi, Meituan, NetEase, and Kuaishou Technology are set to reveal their financial outcomes, with Baidu, the leading internet search provider, reporting a stronger-than-anticipated 10 percent surge in revenue for Q1, attributed to a recovery in advertising, as stated by Bloomberg.
On the other hand, Tencent experienced its swiftest revenue growth in more than a year, driven by the reopening of China’s borders after Covid-19, while its advertising business sales fell short of expectations.
This signals that there may be an uneven recovery among China’s tech giants.
According to Bloomberg Intelligence analyst Marvin Chen, a revival in tech stocks would signify a comeback after enduring significant setbacks in the last couple of years due to regulatory actions and stringent Covid measures.
The recent meeting between US and Chinese officials also eases geopolitical tensions as it sets the stage for a possible conversation between the two countries leaders.
The most recent economic data from China indicates that the recovery is slowing down following an initial boost in consumer and business activity earlier in the year, leading to calls for additional stimulus measures.
Robots for Food Delivery and Restaurants
An increasing number of local food companies and retailers in South Korea are starting to use robots due to the lack of workers but “risky operations” to increase work efficiency.
The Korea Times reports that Woowa Brothers, the operator of Baedal Minjok, the largest food delivery platform in the country, is enhancing its server and robot rental service for restaurants and other labor-intensive hospitality establishments in order to take advantage of this trend.
Delivery robots can carry containers of up to 40 kilograms of food at once, and they don’t have to serve food only in restaurants.
The delivery robots have yet to become commercial in South Korea, but Woowa Brothers have launched a pilot version to test them in certain areas in the Seoul Capital Region.