For the three months via December, the corporate reported income of 34.95 billion yuan ($4.92 billion), broadly consistent with analysts’ common estimate of 34.97 billion yuan, in response to LSEG information.
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The corporate’s adjusted internet earnings rose by 44% to 7.76 billion yuan, in contrast with 5.37 billion yuan for a similar interval a yr earlier, beating analysts’ forecasts for six.32 billion yuan.
As China’s largest web search engine, Baidu makes the vast majority of its income from promoting. However as China’s financial system slows and shoppers spend much less, Baidu has more and more invested in AI. In March final yr, it launched its ChatGPT-like Ernie Bot in bid to seize from the potential of the expertise.
The corporate stated Ernie AI providers have already began to contribute to Baidu’s revenues.
“All through 2023, we made important strides in advancing
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Ernie and Ernie Bot, reinventing our services and products, and attaining breakthroughs in monetisation,” co-founder and CEO Robin Li stated in a press release. The US-listed shares of the corporate rose by 0.4% in buying and selling earlier than the bell. Baidu’s on-line advertising income grew 6% to 19.2 billion yuan. For the quarter, its adjusted revenue was 21.86 yuan per American Depositary Share (ADS), in contrast with a revenue of 15.25 yuan per share a yr earlier.
This exceeded analysts’ common estimate of 17.87 yuan per ADS, in response to LSEG.
