Florence Lo | Reuters
The corporate’s U.S.-listed shares have been up round 2% in pre-market commerce at 5:00 a.m. ET. The inventory is down virtually 3% over the yr to this point.
Income grew by 6% year-on-year to 34.45 billion yuan ($4.72 billion) within the quarter that ended Sept. 30. That was barely larger than analyst expectations of 34.33 billion yuan, based on Refinitiv.
On-line advertising and marketing income on the search engine supplier was up by 5% from a yr in the past, whereas non-online advertising and marketing income was 6% larger over the identical interval.
It comes after income within the earlier quarter surged 15% from a yr in the past, with on-line and non-online advertising and marketing income rising by double digits.
“Baidu reported strong third-quarter monetary outcomes, demonstrating resilience in a difficult financial local weather,” Robin Li, Baidu CEO and co-founder of Baidu, mentioned in a launch.
Baidu reported web revenue of 6.68 billion yuan for the quarter ended Sept. 30, up from 5.21 billion yuan within the earlier quarter.
The corporate mentioned larger advertising and marketing spend contributed to an 11% year-on-year enhance in promoting, common and administrative bills which got here in at 5.8 billion yuan.
Analysis and improvement bills rose by 6% to six.1 billion year-on-year, partly on account of elevated server charges to help Ernie bot analysis, the corporate mentioned. That is a pickup from 1% progress within the second quarter from a yr in the past.
Ernie bot is Baidu’s model of the bogus intelligence-powered chatbot ChatGPT. Baidu solely began charging for Ernie bot in November.
“Baidu Core maintained secure margins within the quarter,” Rong Luo, Baidu CFO, mentioned in a launch. “Our ongoing investments in AI have underpinned technological and product improvements. Shifting ahead, whereas we’ll proceed prioritizing investments in AI, particularly in generative AI and basis fashions, we’ll achieve this with an unrelenting deal with effectivity and strategic useful resource allocation.”
The corporate mentioned its Apollo Go robotaxi enterprise operated 821,000 rides within the third quarter, up from 714,000 rides within the second three months of the yr.
In September, the suburban Beijing metropolis district of Yizhuang formally let native robotaxi operators cost fares for absolutely autonomous taxis, with no drivers inside.
Baidu additionally introduced that Sandy Xu, former CFO of JD.com, would be part of the corporate as an impartial director of the board beginning Jan 1, 2024.
Authentic information supply Credit score: www.cnbc.com