VNG Corporation (VNZ) suffered a record loss of 2,100 billion, still planning to focus on AI development

On June 21, 2024, the annual General Meeting of Shareholders of VNG Corporation (Code VNZ) was held with many notable information. Regarding the business results in 2023, although recording revenue of up to 7,593 billion VND, VNG also suffered a loss of 2,100 billion VND.

The audited loss increased by VND540 billion compared to the self-prepared financial statements. Previously, in 2022, VNG also reported a loss of VND1,077 billion even though its revenue also reached VND7,801 billion.

VNG (VNZ) suffered a record loss of 2,100 billion, still aiming to develop AI and "go global" (Photo TL)

By 2024, VNG set a business target of up to 11,069 billion VND, a record high revenue since the company was founded. However, although the revenue plan is more than 3,500 billion VND higher than the same period, VNG's after-tax profit target is only 195 billion VND.

In the first quarter of 2024, VNG recorded net revenue of VND 2,259 billion. The company continued to lose after tax by another VND 31 billion. Thus, VNG has only completed 20% of the revenue plan, the profit plan has not been realized at all.

Regarding the business plan in 2023, VNG plans to continue diversifying its products and services while expanding its market. In particular, the company will increase investment in AI (artificial intelligence).

VNG plans to invest in AI in three different layers: infrastructure, platform and application. At the same time, VNG's Zalo will also apply GenAI to upgrade services for users. With the above plans, VNG aims to be able to "go global" in the next three years, providing technology services to international customers.

Source: https://www.congluan.vn/ctcp-vng-vnz-thua-lo-ky-luc-2100-ty-van-du-dinh-tap-trung-phat-trien-ai-post300255.html