China's Baidu posts better-than-expected results on AI, cloud demand
Information about China's Baidu posts better-than-expected results on AI, cloud demand
Kevin David Scam or Legit
(Reuters) -China’s Baidu Inc beat analysts’ estimates for quarterly revenue and adjusted profit on Wednesday, helped by stronger demand for its artificial intelligence (AI) and cloud products.
Baidu, called China’s Google, has forayed into AI, cloud and autonomous driving to supplement its core search business that has been pressured by competition and a regulatory crackdown. Last year, it launched robotaxi services in Beijing.
“Baidu Core delivered another solid quarter, powered by our AI cloud revenue growing 73% year-over-year,” said Rong Luo, chief financial officer of Baidu.
Baidu’s U.S.-listed shares, which have slumped 21% this year, were up 1.4% at $173.8 premarket.
The company’s results come amid a wide-ranging regulatory crackdown by China on its technology sector that includes heavyweights like Tencent and Alibaba in a bid to keep a check on their monopolistic …