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Baidu beats quarterly revenue estimates as it continues to push into AI and clou...

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Baidu beats quarterly revenue estimates as it continues to push into AI and cloud business

Baidu beats quarterly revenue estimates as it continues to push into AI and cloud business

May 19, 2021 5:20 pm

Chinese search engine and artificial intelligence giant Baidu reported a 25% rise in quarterly revenue that beat analyst estimate as its non-advertising revenue jumped 70% from the same period of last year.

Detail: Baidu booked a total revenue of CNY28.1 billion, representing a year-over-year growth of 25 percent, which is better than average estimate of CNY27.3 billion.

Net income jumped to CNY25.7 million, buoyed by gains in the long-term investment, including in Kuaishou Technology that recently listed in Hong Kong Stock Exchange.

It’s non-advertising revenue surged 70% year-over-year as the company continuously expand beyond its core search engine business shifted its centre focus to cloud service, artificial intelligence, autonomous driving and smart vehicle.  

Its video-streaming unit iQIYI, booked a quarterly revenue of CNY7.97 billion, beating estimate of CNY7.67 billion.

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