Baidu posts 3% drop in third-quarter revenues, beating market expectations

BEIJING — Chinese tech elephantine Baidu connected Thursday posted a 3% yearly driblet successful third-quarter revenue, nevertheless beating marketplace expectations amid AI unreality growth.

The gross people came successful astatine $4.78 cardinal for the 4th ending connected Sept. 30. Net income for the play roseate by 14% to $1.09 billion.

Baidu noted a 12% surge successful its non-online selling gross to the equivalent of $1.1 billion, chiefly driven by its artificial quality unreality business.

Here's what analysts expected the institution to study for the quarter, according to LSEG estimates:

• Revenue: $4.63 billion
• Net income: $857.17 million

Baidu had reported revenue of 34.45 cardinal yuan ($4.75 billion) and nett income of 6.68 cardinal yuan for the third 4th of 2023.

Beijing-based Baidu operates 1 of the large web browser hunt engines successful China, on with a often utilized maps app. The institution besides sells unreality computing services. Online selling drives a important information of the firm's revenue.

In artificial intelligence, Baidu has promoted its Ernie chatbot arsenic a section alternate to OpenAI's ChatGPT, which isn't disposable successful China. Ernie bot present has 430 cardinal users, Baidu said past week.

The institution this period besides announced that its Xiaodu AI Glasses volition statesman income successful the archetypal fractional of adjacent year. The wearable has astatine slightest 1 camera and uses Ernie's AI capabilities and Baidu's maps and hunt functions. While Baidu hasn't revealed a price, the merchandise is wide expected to beryllium a Chinese alternate to Meta's fashionable Ray-Ban astute glasses.

Baidu announced a absorption rotation past month, with Junjie He, formerly head of the mobile ecosystem group, becoming the company's interim Chief Financial Officer, portion erstwhile CFO Rong Luo assumed enactment of the mobile division.