Baidu earnings beat expectations

China's dominant internet search engine company reported second-quarter earnings that came ahead of consensus

For the three months ended June, Baidu announced revenue of 31.35 billion yuan, marking a 20% increase from a year earlier, and topping analysts’ predictions of 30.9 billion yuan. The company swung to a net loss of 583 million yuan after marking down the value of its stake in Kuaishou Technology.

Regarding his company’s latest financial results, Robin Li, Baidu CEO, had the following to say: “Baidu Core delivered another strong quarter, powered by the fast growth of our new AI business. […] We are excited about the opportunities to help different industries transform their business with AI and support our goal to become carbon neutral by 2030.”

For the future, Baidu forecasts sales ranging from 30.6 billion yuan to 33.5 billion, while analysts are looking for 33.1 billion yuan.

Since the beginning of the year, Baidu stock price lost 23%, while TECH100 went up 14.56%.

Sources: investing.com, thestreet.com