Baidu posts 3% drop in third-quarter revenues, beating market expectations

Chinese tech giant Baidu reported a 3% decline in third-quarter revenue, reaching $4.78 billion, with net income rising by 14% to $1.09 billion, driven by a 12% increase in non-online marketing revenue due to AI cloud growth. Despite beating market expectations, Baidu’s U.S.-traded shares fell 2.3% in premarket trading. CEO Robin Li highlighted the company’s focus on AI capabilities, with the Ernie chatbot gaining traction and generative AI contributing 11% to the AI cloud business revenue.

Full Article