From Financial Modeling Prep: 2024-11-22 07:18:00

Baidu (NASDAQ:BIDU) shares fell over 5% after reporting a slight revenue decline in Q3, but still beat analyst expectations. Revenue was 33.56 billion yuan ($4.64 billion), surpassing estimates. Net income rose 14% to 7.63 billion yuan, exceeding the consensus estimate of 4.67 billion yuan.

Non-online marketing revenue grew 12% to $1.1 billion, driven by Baidu’s AI-powered cloud computing business. The company is diversifying beyond internet search and mapping services.

Baidu’s Ernie chatbot, a domestic competitor to OpenAI’s ChatGPT, now has 430 million users. The company is focusing on AI growth amid challenges in online marketing.

Despite challenges in online marketing, Baidu’s AI Cloud segment showed strong growth. The company is working to overcome headwinds in its core business.



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