Baidu Earnings Beat Estimates, Investors Focus on Ernie Bot, AI Technology
Aug 22, 2023 - news.bensbites.co
Baidu Inc. reported a significant 15% increase in sales, exceeding projections with a total of 34.1 billion yuan ($4.7 billion) for the June quarter. The company's net income also rose by 43% to 5.2 billion yuan. This growth comes as China's largest internet companies experience a resurgence after Beijing eased its control over the private sector to stimulate a struggling economy.
The company's shares rose by about 4% in pre-market trading in New York. The revenue increase is the highest Baidu has seen in over a year. The company is currently awaiting Beijing's approval for its ChatGPT-Style AI.
Key takeaways:
Baidu Inc.'s revenue increased significantly, marking its highest growth in over a year.
The company's shares rose about 4% in pre-market trading in New York.
Baidu reported a larger-than-projected 15% jump in sales to 34.1 billion yuan ($4.7 billion) for the June quarter.
The company's net income rose 43% to 5.2 billion yuan.
