September 30, 2022
Baidu soars as Q1 results top expectations, led by offline marketing, cloud

Baidu (NASDAQ:BIDU) shares jumped on Thursday after the Chinese tech giant posted first-quarter results that topped expectations, thanks to strength in its core business, particularly non-online marketing and cloud services.

For the period ending March 31, Baidu (BIDU) said it earned an adjusted $1.77 per share on $4.48 billion, compared to estimates of 83 cents per share and $4.16 billion in revenue.

The company attributed the results to its non-online ad business, which rose 35% year-over-year to RMB 5.7 billion ($903 million), up 35% year-over-year, “driven by cloud and other AI-powered businesses.”

“Revenues from Baidu Core remained healthy with non-ad revenues increasing by 35% year over year, driven by Baidu AI Cloud, which grew 45% year over year in the quarter,” said Rong Luo, CFO of Baidu, in a statement. “Looking ahead, we remain committed to quality revenue growth and an enduring business model. In addition, we will further enhance our overall operational efficiency to drive long-term growth.”

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