Baidu beats revenue estimates helped by AI, cloud services – Reuters

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. REUTERS/Florence Lo/File Photo

May 26 (Reuters) – China’s search engine giant Baidu Inc surpassed quarterly revenue estimates on Thursday as a resurgence of COVID-19 in China and accompanying restrictions boosted demand for its cloud and artificial intelligence (AI) products.

The news drove Baidu’s U.S.-listed shares more than 5% up in pre-market trading even as the company cautioned that the second quarter would be more challenging.

Revenue for the three months to March 31 rose 1% to 28.41 billion yuan ($4.22 billion), the slowest growth in six quarters, but topped an analysts’ average estimate of 27.82 billion, IBES data from Refinitiv showed.

It posted a net loss of 885 million yuan, or 2.87 yuan per American Depository Share (ADS), amid an economic downturn and pandemic resurgence in China.

A year earlier it had posted a profit of 25.65 billion yuan, or 73.76 yuan per…

Read Full Story: https://www.reuters.com/technology/baidu-beats-quarterly-revenue-estimates-2022-05-26/

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source: https://news.oneseocompany.com/2022/05/26/baidu-beats-revenue-estimates-helped-by-ai-cloud-services-reuters_2022052620624.html

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