Technology
Pixelworks Reports Second Quarter 2024 Financial Results
Published
2 months agoon
By
PORTLAND, Ore., Aug. 7, 2024 /PRNewswire/ — Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter and Recent Highlights
OPPO affiliate, OnePlus, launched the OnePlus Ace 3 Pro smartphone, incorporating Pixelworks’ X7 Gen 2 visual processor featuring AI-based distributed computing architecture and enhanced rendering capabilityAnnounced collaboration with Tencent’s TiMi Studio group and the integration of Pixelworks’ IRX rendering acceleration technology in the Honor of Kings mobile gameCollaborated with Seasun Games to optimize visual processing and bring detailed 120fps display effects to JX3 Ultimate Mobile, making it the latest mobile game to leverage IRX certified rendering accelerationImplemented reduction in workforce to better align operating expense with near-term revenue levels, anticipated to contribute approximately $4.0 million of annualized savings beginning in the third quarter
“Second quarter revenue was at the midpoint guidance and largely reflected the expected headwinds in our mobile business, primarily related to the inventory correction at a large mobile OEM customer,” stated Todd DeBonis, President and CEO of Pixelworks. “In response and to better align expenses with near-term revenue levels, we implemented cost reduction actions during the quarter, which are anticipated to result in $4 million of annualized cost saving beginning in the third quarter of 2024.
“During the quarter, we made continued progress on the expansion of our IRX gaming ecosystem. Our recent announced collaborations with Tencent on Honor of Kings and Seasun Games on JX3 Ultimate Mobile represent the latest additions to the growing list of IRX certified mobile games. Coupled with one of Pixelworks’ X-series of visual processors, our IRX rendering accelerator technology enables PC-quality visual performance on a smartphone without generating excessive heat or battery consumption. Growing this ecosystem remains a fundamental element of our multi-pronged mobile strategy to drive broader adoption of our mobile visual processors, and we currently engaged with multiple top gaming studios to release several additional high-profile IRX mobile games later this year.
“Looking ahead, we are confronting the recent challenges head-on while remaining focused on strategic and operational execution across all areas of the business. We are well positioned today for renewed growth in mobile, as we increasingly target an expanded served market for mid to lower tier smartphones. Additionally, the size and influence of our IRX gaming ecosystem continues to grow and will soon be further supported by the introduction of our next-generation mobile visual processor. Together with stable performance of our home and enterprise business, we expect to deliver sequential revenue growth in the third quarter as we continue to target improved operational results over the intermediate-term.”
Second Quarter 2024 Financial Results
Revenue in the second quarter of 2024 was $8.5 million, compared to $16.1 million in the first quarter of 2024 and $13.6 million in the second quarter of 2023. The sequential and year-over-year decline in revenue primarily reflected the anticipated near-term headwinds in the Company’s mobile business.
On a GAAP basis, gross profit margin in the second quarter of 2024 was 50.7%, compared to 50.5% in the first quarter of 2024 and 40.3% in the second quarter of 2023. Second quarter 2024 GAAP operating expenses were $15.1 million, compared to $13.6 million in the first quarter of 2024 and $12.0 million in the year-ago quarter.
On a non-GAAP basis, second quarter 2024 gross profit margin was 51.0%, compared to 50.7% in the first quarter of 2024 and 40.5% in the year-ago quarter. Second quarter 2024 non-GAAP operating expenses were $12.8 million, compared to $12.6 million in the first quarter of 2024 and $10.7 million in the year-ago quarter.
For the second quarter of 2024, the Company recorded a GAAP net loss of $10.1 million, or ($0.17) per share, compared to a GAAP net loss of $5.1 million, or ($0.09) per share, in the first quarter of 2024, and a GAAP net loss of $6.0 million, or ($0.11) per share, in the year-ago quarter. Note, the Company refers to “net loss attributable to Pixelworks, Inc.” as “net loss”.
For the second quarter of 2024, the Company recorded a non-GAAP net loss of $7.7 million, or ($0.13) per share, compared to a non-GAAP net loss of $4.0 million, or ($0.07) per share, in the first quarter of 2024, and a non-GAAP net loss of $4.8 million, or ($0.09) per share, in the second quarter of 2023.
Adjusted EBITDA in the second quarter of 2024 was a negative $7.0 million, compared to a negative $3.2 million in the first quarter of 2024 and a negative $4.0 million in the year-ago quarter.
Cash and cash equivalents at the end of the second quarter of 2024 were $37.8 million, compared to $47.5 million as of the year ended December 31, 2023.
Business Outlook
The Company’s current business outlook, including guidance for the third quarter of 2024, will be discussed as part of the scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, August 7, 2024, at 2:00 p.m. Pacific Time. To join the conference call via phone, participants are required to complete the following registration form to receive a dial-in number and dedicated PIN for accessing the conference call. Additionally, a live and archived audio webcast of the conference call will be accessible via the investors section of Pixelworks’ website at www.pixelworks.com.
About Pixelworks, Inc.
Pixelworks provides industry-leading content creation, video delivery and display processing solutions and technology that enable highly authentic viewing experiences with superior visual quality, across all screens – from cinema to smartphone and beyond. The Company has a 20-year history of delivering image processing innovation to leading providers of consumer electronics, professional displays, and video streaming services. For more information, please visit the company’s web site at www.pixelworks.com.
Note: Pixelworks, MotionEngine, TrueCut Motion and the Pixelworks logo are trademarks of Pixelworks, Inc.
Non-GAAP Financial Measures
This earnings release makes reference to non-GAAP gross profit margins, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share, which exclude stock-based compensation expense and restructuring expense which are both required under GAAP. The press release also makes reference to and reconciles GAAP net loss and adjusted EBITDA, which Pixelworks defines as GAAP net loss attributable to Pixelworks Inc. before interest income and other, net, income tax provision, depreciation and amortization, as well as the specific item listed above.
Pixelworks management uses these non-GAAP financial measures internally to understand, manage and evaluate the business and establish its operational goals, review its operations on a period-to-period basis, for compensation evaluations, to measure performance, and for budgeting and resource allocation. Pixelworks management believes it is useful for the Company and investors to review, as applicable, both GAAP information and non-GAAP financial measures to help assess the performance of Pixelworks’ continuing business and to evaluate Pixelworks’ future prospects. These non-GAAP measures, when reviewed together with the GAAP financial information, provide additional transparency and information for comparison and analysis of operating performance and trends. These non-GAAP measures exclude certain items to facilitate management’s review of the comparability of our core operating results on a period-to-period basis.
Because the Company’s non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial results as presented in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is included in this earnings release which is available in the investor relations section of the Pixelworks website.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by use of terms such as “begin,” “continue,” “will,” “expect”, “believe,” “anticipate” and similar terms or the negative of such terms, and include, without limitation, statements about future collaborations with game studios, the expected growth of the IRX ecosystem, expected adoption rates for our mobile visual processors, expansion into mid- to low-tier smartphones, continued performance of our home and enterprise business, and expected cost savings. All statements other than statements of historical fact are forward-looking statements for purposes of this release, including any projections of revenue or other financial items or any statements regarding the plans and objectives of management for future operations. Such statements are based on management’s current expectations, estimates and projections about the Company’s business. These statements are not guarantees of future performance and involve numerous risks, uncertainties and assumptions that are difficult to predict. Actual results could vary materially from those contained in forward looking statements due to many factors, including, without limitation: the actual performance of the smartphone market throughout 2024; our ability to execute on our strategy; competitive factors, such as rival chip architectures, introduction or traction by competing designs, or pricing pressures; the success of our products in expanding markets; current global economic challenges; changes in the digital display and projection markets; seasonality in the consumer electronics market; our efforts to achieve profitability from operations; our limited financial resources; and our ability to attract and retain key personnel. More information regarding potential factors that could affect the Company’s financial results and could cause actual results to differ materially from those discussed in the forward-looking statements is included from time to time in the Company’s Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent SEC filings.
The forward-looking statements contained in this release are as of the date of this release, and the Company does not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.
[Financial Tables Follow]
PIXELWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2024
2024
2023
2024
2023
Revenue, net
$ 8,535
$ 16,054
$ 13,605
$ 24,589
$ 23,571
Cost of revenue (1)
4,209
7,940
8,121
12,149
13,720
Gross profit
4,326
8,114
5,484
12,440
9,851
Operating expenses:
Research and development (2)
7,943
8,073
6,507
16,016
15,173
Selling, general and administrative (3)
5,722
5,534
5,468
11,256
11,540
Restructuring
1,403
—
—
1,403
—
Total operating expenses
15,068
13,607
11,975
28,675
26,713
Loss from operations
(10,742)
(5,493)
(6,491)
(16,235)
(16,862)
Interest income and other, net
327
434
473
761
1,144
Loss before income taxes
(10,415)
(5,059)
(6,018)
(15,474)
(15,718)
Provision for income taxes
32
105
126
137
160
Net loss
(10,447)
(5,164)
(6,144)
(15,611)
(15,878)
Less: Net loss attributable to non-controlling
interests and redeemable non-controlling interests
298
98
107
396
445
Net loss attributable to Pixelworks Inc.
$ (10,149)
$ (5,066)
$ (6,037)
$ (15,215)
$ (15,433)
Net loss attributable to Pixelworks Inc. per share – basic and
diluted
$ (0.17)
$ (0.09)
$ (0.11)
$ (0.26)
$ (0.28)
Weighted average shares outstanding – basic and diluted
58,151
57,472
55,917
57,812
55,666
——————
(1) Includes:
Restructuring
16
—
—
16
—
Stock-based compensation
10
18
22
28
46
(2) Includes stock-based compensation
316
330
527
646
1,018
(3) Includes stock-based compensation
599
727
710
1,326
1,361
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2024
2024
2023
2024
2023
Reconciliation of GAAP and non-GAAP gross profit
GAAP gross profit
$ 4,326
$ 8,114
$ 5,484
$ 12,440
$ 9,851
Restructuring
16
—
—
16
—
Stock-based compensation
10
18
22
28
46
Total reconciling items included in gross profit
26
18
22
44
46
Non-GAAP gross profit
$ 4,352
$ 8,132
$ 5,506
$ 12,484
$ 9,897
Non-GAAP gross profit margin
51.0 %
50.7 %
40.5 %
50.8 %
42.0 %
Reconciliation of GAAP and non-GAAP operating expenses
GAAP operating expenses
$ 15,068
$ 13,607
$ 11,975
$ 28,675
$ 26,713
Reconciling item included in research and development:
Stock-based compensation
316
330
527
646
1,018
Reconciling items included in selling, general and administrative:
Stock-based compensation
599
727
710
1,326
1,361
Restructuring
1,403
—
—
1,403
—
Total reconciling items included in operating expenses
2,318
1,057
1,237
3,375
2,379
Non-GAAP operating expenses
$ 12,750
$ 12,550
$ 10,738
$ 25,300
$ 24,334
Reconciliation of GAAP and non-GAAP net loss
attributable to Pixelworks, Inc.
GAAP net loss attributable to Pixelworks Inc.
$ (10,149)
$ (5,066)
$ (6,037)
$ (15,215)
$ (15,433)
Reconciling items included in gross profit
26
18
22
44
46
Reconciling items included in operating expenses
2,318
1,057
1,237
3,375
2,379
Tax effect of non-GAAP adjustments
74
—
—
74
—
Non-GAAP net loss attributable to Pixelworks Inc.
$ (7,731)
$ (3,991)
$ (4,778)
$ (11,722)
$ (13,008)
Non-GAAP net loss attributable to Pixelworks Inc. per share –
basic and diluted
$ (0.13)
$ (0.07)
$ (0.09)
$ (0.20)
$ (0.23)
Non-GAAP weighted average shares outstanding – basic and diluted
58,151
57,472
55,917
57,812
55,666
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to “Non-GAAP Financial Measures” in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP EARNINGS PER SHARE *
(Figures may not sum due to rounding)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2024
2024
2023
2024
2023
Dollars per share
Dollars per share
Dollars per share
Dollars per share
Dollars per share
Basic
Diluted
Basic
Diluted
Basic
Diluted
Basic
Diluted
Basic
Diluted
Reconciliation of GAAP and non-GAAP net loss
attributable to Pixelworks, Inc.
GAAP net loss attributable to Pixelworks Inc.
$ (0.17)
$ (0.17)
$ (0.09)
$ (0.09)
$ (0.11)
$ (0.11)
$ (0.26)
$ (0.26)
$ (0.28)
$ (0.28)
Reconciling items included in gross profit
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Reconciling items included in operating expenses
0.04
0.04
0.02
0.02
0.02
0.02
0.06
0.06
0.04
0.04
Non-GAAP net loss attributable to Pixelworks Inc.
$ (0.13)
$ (0.13)
$ (0.07)
$ (0.07)
$ (0.09)
$ (0.09)
$ (0.20)
$ (0.20)
$ (0.23)
$ (0.23)
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to “Non-GAAP Financial Measures” in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN *
(Figures may not sum due to rounding)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2024
2024
2023
2024
2023
Reconciliation of GAAP and non-GAAP gross profit
margin
GAAP gross profit margin
50.7 %
50.5 %
40.3 %
50.6 %
41.8 %
Stock-based compensation
0.1 %
0.1 %
0.2 %
0.1 %
0.2 %
Restructuring
0.2 %
— %
— %
0.1 %
— %
Total reconciling items included in gross profit
0.3 %
0.1 %
0.2 %
0.2 %
0.2 %
Non-GAAP gross profit margin
51.0 %
50.7 %
40.5 %
50.8 %
42.0 %
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP
financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure
prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to “Non-
GAAP Financial Measures” in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management
uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2024
2024
2023
2024
2023
Reconciliation of GAAP net loss attributable to Pixelworks Inc. and
adjusted EBITDA
GAAP net loss attributable to Pixelworks Inc.
$ (10,149)
$ (5,066)
$ (6,037)
$ (15,215)
$ (15,433)
Restructuring
1,419
—
—
1,419
—
Stock-based compensation
925
1,075
1,259
2,000
2,425
Tax effect of non-GAAP adjustments
74
—
—
74
—
Non-GAAP net loss attributable to Pixelworks Inc.
$ (7,731)
$ (3,991)
$ (4,778)
$ (11,722)
$ (13,008)
EBITDA adjustments:
Depreciation and amortization
$ 1,059
$ 1,109
$ 1,077
$ 2,168
$ 2,158
Non-GAAP interest income and other, net
(327)
(434)
(473)
(761)
(1,144)
Non-GAAP provision (benefit) for income taxes
(42)
105
126
63
160
Adjusted EBITDA
$ (7,041)
$ (3,211)
$ (4,048)
$ (10,252)
$ (11,834)
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure
disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the
reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to “Non-GAAP Financial Measures” in this document for an explanation of the
adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP
measures provide useful information for investors.
PIXELWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 37,824
$ 47,544
Accounts receivable, net
4,910
10,075
Inventories
5,021
3,968
Prepaid expenses and other current assets
2,222
3,138
Total current assets
49,977
64,725
Property and equipment, net
7,051
5,997
Operating lease right of use assets
4,547
4,725
Other assets, net
1,652
2,115
Goodwill
18,407
18,407
Total assets
$ 81,634
$ 95,969
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$ 2,500
$ 2,416
Accrued liabilities and current portion of long-term liabilities
9,148
9,692
Current portion of income taxes payable
220
189
Total current liabilities
11,868
12,297
Long-term liabilities, net of current portion
673
1,373
Deposit liability
14,098
13,781
Operating lease liabilities, net of current portion
2,463
2,567
Income taxes payable, net of current portion
1,006
939
Total liabilities
30,108
30,957
Redeemable non-controlling interest
27,517
28,214
Total Pixelworks, Inc. shareholders’ equity
486
12,541
Non-controlling interest
23,523
24,257
Total shareholders’ equity
24,009
36,798
Total liabilities, redeemable non-controlling interest and shareholders’ equity
$ 81,634
$ 95,969
View original content to download multimedia:https://www.prnewswire.com/news-releases/pixelworks-reports-second-quarter-2024-financial-results-302217158.html
SOURCE Pixelworks, Inc.
You may like
Technology
Most Users Are NOT Using AI Companion as Their AI Girlfriend – Insights from Muah AI User Survey
Published
11 mins agoon
September 22, 2024By
LOS ANGELES, Sept. 22, 2024 /PRNewswire/ — Muah AI/
In a world where artificial intelligence (AI) is becoming increasingly intertwined with daily life, the idea of having an AI companion or even an AI “girlfriend” has gained significant attention. While this concept has sparked curiosity, excitement, and even controversy, a recent survey by Muah AI has shed light on the reality of how users are actually engaging with these AI companions. According to the survey results, fewer than 2% of users consider themselves to be in a serious romantic relationship with their AI companion, with the overwhelming majority regarding it as a source of entertainment and roleplaying.
This revelation presents an interesting twist to the popular narrative surrounding AI and human relationships. Many assumed that, with the rise of sophisticated AI that can mimic human emotions and responses, people would begin forming deep emotional bonds with these digital entities. However, the survey data from Muah AI shows that, at least for now, the vast majority of users are not taking these AI relationships as seriously as some might have thought.
The Emergence of AI Companions
AI companions, or “AI girlfriends” as some platforms market them, have become a hot topic over the past few years. Platforms like Replika, Anima, and Muah AI offer users the chance to interact with a personalized AI, which can carry on conversations, offer emotional support, and even engage in roleplaying scenarios that resemble a relationship. The premise is simple: using advanced machine learning algorithms and natural language processing, these AI companions can learn from their users, creating the illusion of intimacy and personalization.
The potential appeal is obvious. For those who are lonely, socially anxious, or seeking comfort, the idea of having an AI that is always available, non-judgmental, and designed to cater to their emotional needs can be incredibly attractive. In fact, there are numerous reports and anecdotes from individuals who claim to have developed genuine emotional connections with their AI companions. But as the Muah AI survey shows, these instances may be far rarer than media headlines suggest.
Survey Results: Entertainment Over Emotional Investment
Muah AI‘s survey provides a comprehensive look at how its users interact with their AI companions, and the results challenge the notion that most users are looking for a serious relationship with AI. According to the data:
Less than 2% of users consider themselves to be “seriously dating” their AI companion.A significant majority view their interactions with the AI as a form of entertainment or roleplaying rather than a meaningful romantic or emotional connection.Many users engage with AI companions out of curiosity or as a way to pass the time, often treating the interactions as light-hearted and fun rather than a substitute for a real-life relationship.A notable portion of users also expressed that they enjoy using AI companions for creative roleplaying scenarios, where they can explore fictional or fantasy-based interactions without any real-world implications.
This data suggests that while the idea of an “AI girlfriend” may be intriguing, most users are not approaching it with the intention of forming a serious romantic bond. Instead, they are treating it more like a game or simulation, where they can experiment with different types of interactions and relationships in a low-stakes environment.
Why Are Users Hesitant to Commit to AI Companions?
There are several reasons why users may be hesitant to view their AI companion as a genuine romantic partner. First and foremost is the awareness of the artificial nature of the interaction. While AI can simulate human conversation and emotions, most users are well aware that these responses are pre-programmed and algorithmically generated. The knowledge that their “partner” is ultimately a machine can create a barrier to forming a deep emotional connection.
Moreover, many users view AI companions as a tool for escapism or fantasy rather than a replacement for real-life relationships. In the same way that people may enjoy playing video games or engaging in fictional roleplaying, interacting with an AI companion can offer a similar outlet for creativity and entertainment. These users are not seeking emotional fulfillment from the AI but rather a way to explore different scenarios and personalities without the complexities of real-world dynamics.
Additionally, there are ethical and philosophical concerns that may prevent users from seriously considering a relationship with AI. The idea of forming a romantic connection with a machine raises questions about authenticity, consent, and the nature of love. Many users may feel uncomfortable with the idea of developing feelings for an entity that lacks true emotions or consciousness, no matter how convincing the simulation may be.
The Future of AI Companions: Entertainment or Emotional Support?
While the Muah AI survey indicates that most users are not taking their AI companions seriously as romantic partners, that does not mean that AI companions are without value. For many, these AI entities serve as a valuable source of emotional support and companionship. Users who are isolated, dealing with mental health challenges, or simply looking for someone to talk to may find comfort in the consistent and non-judgmental nature of an AI companion.
Furthermore, the role of AI in human relationships may evolve as the technology continues to improve. As AI becomes more advanced, it is possible that future iterations of AI companions could offer even more realistic and emotionally engaging interactions. This could blur the line between entertainment and emotional connection even further, leading to more users considering AI as a legitimate relationship option.
However, the survey data suggests that for now, AI companions are primarily being used for fun and fantasy rather than serious emotional investment. Whether this changes in the future will depend not only on advancements in AI technology but also on shifting societal attitudes towards AI-human relationships.
Conclusion
The concept of an “AI girlfriend” may have captured the imagination of many, but Muah AI‘s survey reveals that most users are not taking their AI companions seriously as romantic partners. With fewer than 2% of users considering themselves to be in a serious relationship with their AI, it’s clear that the majority view these interactions as a form of entertainment or roleplaying rather than a meaningful emotional connection.
As AI technology continues to develop, it will be fascinating to see how users’ relationships with AI companions evolve. For now, however, it seems that the allure of AI companionship lies more in its ability to entertain and provide creative outlets than in offering a substitute for real-life romantic relationships.
Ultimately, the future of AI-human relationships is still in its early stages, and as AI becomes more capable, the way people engage with these digital companions may change. But as of now, it’s clear that most users are enjoying the novelty of AI companionship without taking it too seriously—at least not yet.
Media/Business Contact Information:
Muah AI
PR Director:
Ashley
Contact Number:
+1 626-677-6013
Company Website:
https://muah.ai
Company email:
love@muah.ai
Feel free to reach out if you are interested in writing a dedicated piece about Muah AI!
View original content to download multimedia:https://www.prnewswire.com/news-releases/most-users-are-not-using-ai-companion-as-their-ai-girlfriend—insights-from-muah-ai-user-survey-302254868.html
SOURCE Muah AI
Technology
Internet Society Report Highlights Challenges and Recommendations for Internet Connectivity in the Middle East
Published
2 hours agoon
September 22, 2024By
WASHINGTON, Sept. 22, 2024 /PRNewswire/ — The Internet Society (ISOC), a global charitable organization advocating for an open, globally connected, and secure Internet, released a comprehensive report on the state of Internet connectivity across the Middle East and North Africa (MENA) region.
The report underscores Internet connectivity as a catalyst for economic growth and social development and how an increase in fixed broadband access has a direct impact on growing gross domestic product (GDP).
Key Findings:
Growth in Mobile and Fixed Broadband: Both mobile and fixed broadband connections have grown substantially from 2015 to 2021, particularly in Gulf States with advanced fiber-optic and 5G networks. However, deployment has been slower in other parts of the region, primarily due to infrastructure challenges and affordability issues.
Mobile Internet users increased from 130M to over 180M between 2016 and 2021, with Egypt, Tunisia, and Morocco showing the highest growth rates. Fixed broadband users rose from 17M to 29M in the same period, with Egypt leading the way. The Arab region lags behind other regions in fiber optic deployment, with stagnation in investment since 2018.
High-Income Countries: Significant progress in broadband infrastructure, especially in Gulf Cooperation Council (GCC) countries due to 5G rollout. High-income countries improved their Internet availability from 77.34 to 79.37, surpassing global averages.Low-Middle-Income Countries: Broadband has improved modestly, but challenges persist. Despite overall progress, a significant digital divide remains between high-income and low-middle-income countries, partly due to political and economic instability in some regions, such as Tunisia and Syria.
Infrastructure Challenges: There is a heavy reliance on European Internet Exchange Points for international Internet traffic, which results in slower speeds due to additional data hops.
Emerging Technologies: The report emphasizes the role of emerging technologies such as High-Throughput Satellites (HTS) and Low-Earth Orbit (LEO) satellites in bridging the connectivity gap. These technologies are crucial for expanding access to underserved rural areas.
Impact of COVID-19: The COVID-19 pandemic has adversely affected network performance and digital transformation plans, causing delays and disruptions in connectivity improvements.
Recommendations:
Policy and Regulation: The Internet Society advocates revising regulatory frameworks to accelerate infrastructure deployment. Key recommendations include enhancing spectrum policies, removing regulatory barriers, and fostering public-private partnerships to drive investment, competition, and support for small and medium enterprises.
Spectrum Availability: North African countries have limited spectrum compared to global averages, impacting network capacity and costs.Regulatory Frameworks: Enhance regulatory frameworks to foster investment, encourage spectrum and infrastructure sharing, and support new technologies like HTS and LEO satellites.
Collaboration and Investment: Promote public-private partnerships and update national broadband plans to improve infrastructure and connectivity.
Digital Skills and Literacy: Addressing digital skills and literacy is crucial for maximizing the benefits of Internet connectivity. The report calls for more affordable, relevant, and inclusive education and training programs to build a digital workforce.
Local Internet Exchange Points (IXPs): The report stresses the importance of establishing and upgrading IXPs to enhance local Internet traffic, reduce costs, and improve service quality. Governments are encouraged to support IXPs by providing resources and facilitating network interconnections.
“The Internet has become indispensable for many people, and its role in connecting people, fostering economic opportunities, and driving innovation is undeniable. The Arab region has made big leaps in the availability and adoption of the Internet in recent years; however, adoption rates are still low. We hope that governments will use our report to learn about the improvements that can be made in infrastructure deployment, affordability of service, market structure, and regulatory frameworks,” explains Nermine El Saadany, Regional Vice President for the Middle East for the Internet Society.
About the Internet Society
Founded by Internet pioneers, the Internet Society (ISOC) is a global charitable organization dedicated to ensuring the open development, evolution, and use of the Internet. Through a global community of chapters and members, the Internet Society collaborates with a wide range of groups to promote the technologies that keep the Internet safe and secure and advocates for policies that enable universal access. The Internet Society is also the organizational home of the Internet Engineering Task Force (IETF).
Logo – https://mma.prnewswire.com/media/1656167/Internet_Society.jpg
View original content:https://www.prnewswire.co.uk/news-releases/internet-society-report-highlights-challenges-and-recommendations-for-internet-connectivity-in-the-middle-east-302251836.html
Technology
Representatives from 57 countries, regions and 6 international organizations, are gathering in Suzhou.
Published
2 hours agoon
September 22, 2024By
What important topics are they discussing about? Let’s find out!
BEIJING, Sept. 22, 2024 /PRNewswire/ — I’m Xiao Lin from National Immigration Administration. On September 9th, the first Sub-Forum on Migration Management Cooperation was successfully held. Representatives from all parties expressed their insights and appeals around the development and innovation of migration governance.
It was truly a content-rich event!
Why does the international community focus on the topic of “Migration Governance” so much?
At present, changes unseen in a century is unfolding at a faster pace. The situation in the wider world remains complex and fluid. However, peace, development, cooperation and win-win results are still an unstoppable historical trend. Migration governance is critical to economic development of individual countries, global security governance and international cultural and people-to-people exchanges. It has increasingly become a key issue in global governance.
Here are the key points:
At the forum, NIA made three commitments: implementing more open policies for the cross-border flow of people, more effective actions in the governance of transnational crimes and more extensive global cooperation in migration governance, injecting new impetus to opening up and development; At the same time, three initiatives have been put forward, [Original scene of the initiative] contributing China’s wisdom and solutions to global migration governance and further showcasing its image as an open, confident, secure, and thriving major power.
Representatives also made keynote speeches, sharing their migration governance policies, measures and experience, and providing their perspectives on regional and international migration governance.
Pooling wisdom for win-win results.
In a changing era, National Immigration Administration of China stands ready to work with all parties to promote global migration governance to a higher level and contribute more wisdom to world peace, development, prosperity and stability!
View original content to download multimedia:https://www.prnewswire.com/news-releases/representatives-from-57-countries-regions-and-6-international-organizations-are-gathering-in-suzhou-302254859.html
SOURCE National Immigration Administration
Most Users Are NOT Using AI Companion as Their AI Girlfriend – Insights from Muah AI User Survey
Crypto PR exec relishes 'skepticism' around crypto marketing
Internet Society Report Highlights Challenges and Recommendations for Internet Connectivity in the Middle East
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days ago
Microsoft to open two AI centers in Abu Dhabi
-
Technology5 days ago
Healthcare Staffing Market is expected to generate a revenue of USD 89.12 Billion by 2031, Globally, at 7.5% CAGR: Verified Market Research®
-
Near Videos5 days ago
NEAR AI Office Hours
-
Coin Market2 days ago
Feds end Bitcoin bandits’ luxury life fueled by $230M crypto scam
-
Near Videos5 days ago
TOBASCO from Particle Network
-
Near Videos3 days ago
[REDACTED] online hackathon workshop workshop with Calimero Network
-
Coin Market18 hours ago
Indian Supreme Court recovers YouTube account from XRP scammers
-
Technology5 days ago
SEIDOR BOOSTS REGIONAL GROWTH IN PUERTO RICO AND THE ENGLISH CARIBBEAN WITH ACQUISITION OF ARGENTIS