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Baidu Beats Q1 Estimates with $4.4B Revenue, $2.76 EPS, AI Cloud Growth
May 16, 2024, 12:25 PM
Baidu has reported its first-quarter financial results, showing a 1% year-over-year growth in revenue to approximately $4.4 billion, surpassing the estimated $4.35 billion. Despite the slowest growth in over a year, Baidu's net income declined by 6% year-over-year to around $755 million, still above the estimated $554 million. The company's earnings per share were $2.76, exceeding the $2.30 estimate. Baidu's AI pivot has been a significant driver, with the AI Cloud revenue seeing growth due to end-to-end optimization of their AI technology stack. The recovery in advertising sales and higher demand for AI-powered cloud products also contributed to beating analysts' estimates. Core revenue increased by 4% to $3.30 billion. Baidu's stock saw a slight increase of 0.2% in pre-market trading. CEO emphasized the impact of Gen-AI in the company's performance, stating that online marketing revenue remained stable.
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