China's Baidu beat analysts' estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its AI-powered cloud products.
The company, China's largest search engine provider, reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, compared to analysts' average estimate of 31.21 billion yuan as per LSEG data.
"Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said co-founder and CEO Robin Li in an earnings release.
Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan.
Baidu reported adjusted net income of 7 billion yuan for the quarter, beating the analysts' average estimate of 5.57 billion yuan, according to LSEG data.
Persons:
ERNIE Bot, Baidu, Robin Li
Organizations:
Baidu
Locations:
ZHEJIANG, CHINA