[ad_1]
Textual content dimension
Baidu
,
the Chinese language search-engine big, reported a third-quarter lack of 16.6 billion yuan ($2.6 billion) after recording vital fees, however income jumped 13% and beat analysts’ estimates.
U.S.-listed shares of Baidu (ticker: BIDU) rose 2.2% to $175.05 in premarket buying and selling. The inventory rose 0.5% in Hong Kong.
The loss within the newest third quarter included a non-cash loss in long-term investments of 18.9 billion yuan.
In an e mail despatched to Barron’s, Baidu mentioned non-GAAP earnings attributable to the corporate, “which might higher mirror Baidu’s wholesome enterprise operation,” have been 5.1 billion yuan, or $790 million.
A 12 months earlier, Baidu earned practically 13.7 billion yuan.
Income within the third quarter of 31.92 billion yuan topped analysts’ estimates of 31.52 billion. Baidu mentioned income from its core operations rose 15% 12 months over 12 months to 24.7 billion yuan.
“Baidu Core delivered one other strong quarter, powered by our AI cloud income rising 73% 12 months over 12 months,” mentioned Rong Luo, chief monetary officer. “With a diversified AI portfolio, together with cloud companies, sensible transportation, sensible gadgets, self-driving, sensible EV and robotaxi, we’re effectively positioned for long-term progress.”
Baidu mentioned in its e mail that AI Cloud “continues to carry its agency place among the many high 4 cloud suppliers in China, with income progress exceeding 70% for 2 consecutive quarters.”
For the fourth quarter, Baidu mentioned it expects income of between 31 billion yuan and 34 billion yuan, representing progress charge of two% to 12% 12 months over 12 months. The forecast, Baidu mentioned, assumes that core income will develop between 5% and 16% from final 12 months.
Baidu cautioned in a press launch Wednesday that the “Covid-19 scenario in China is evolving and enterprise visibility is restricted.”
Baidu shares traded within the U.S. have declined greater than 20% in 2021. The inventory has suffered, together with a lot of China’s tech corporations over the previous few months, on issues about Beijing’s regulatory clampdown on the tech business.
Write to Joe Woelfel at joseph.woelfel@barrons.com
[ad_2]
Source link