AI and cloud services strength propels Baidu


Chinese search engine giant Baidu Inc has reported quarterly revenue above Wall Street estimates.

Baidu was buoyed by high demand for its cloud and self-driving taxi services.

Baidu, in its search for alternative revenue streams to maintain its blistering pace of growth, has been doubling down on self-driving vehicles by leveraging the its capabilities.

Baidu’s total revenue was 33.09 billion yuan ($5.24 billion) in the fourth quarter ended Dec. 31, beating analysts’ average estimate of 32.22 billion yuan.

Baidu said it incurred a 27% increase in selling, general and administrative expenses due to higher spending, promotional marketing and personnel costs.

Net income attributable to Baidu fell to 1.72 billion yuan, or 4.51 yuan per American Depository Share (ADS) in the quarter, from 5.17 billion yuan, or 15.05 yuan per ADS, a year earlier.


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