From CNBC: 2024-11-21 04:29:07

Baidu unveiled AI glasses to rival Meta Ray-Bans. Despite a 3% drop in Q3 revenue, Baidu beat expectations with $4.78 billion revenue and $1.09 billion net income. Non-online marketing revenue surged 12% to $1.1 billion, driven by AI cloud business growth. Analysts expected revenue of $4.63 billion and net income of $857.17 million.

Baidu reported $4.75 billion revenue and 6.68 billion yuan net income for Q3 2023. The company operates a major web browser search engine, maps app, and cloud computing services. Baidu’s Ernie chatbot, with 430 million users, is a local alternative to OpenAI’s ChatGPT in China.

Baidu announced the Xiaodu AI Glasses, featuring AI capabilities and Baidu’s maps and search functions, to go on sale in the first half of next year. The glasses are expected to be a Chinese rival to Meta’s Ray-Ban smart glasses. Baidu also announced a management rotation, with Junjie He as interim CFO.

Read more: Baidu Q3 2024 earnings: