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Baidu has launched a suite of artificial-intelligence products this year.
Qilai Shen/Bloomberg
Baidu
shares were rising early on Tuesday after the Chinese internet company topped earnings and revenue expectations for the first quarter. Baidu said it will continue to focus on artificial-intelligence investment.
Baidu
(ticker: BIDU) reported adjusted earnings of $2.34 per American depositary share, rising 43% from the same quarter a year earlier. Quarterly revenue came to $4.54 billion, up 10%. .
Baidu had been expected to report earnings of $1.76 on revenue of $4.32 billion, according to a FactSet poll of analysts’ estimates.
Baidu’s American depositary receipts were up 3.1% in premarket trading on Tuesday. The ADRs are up 12% this year so far, partly driven by excitement around the launch of its ERNIE Bot generative AI product.
“Generative AI represents a new paradigm shift…and Baidu is poised to take advantage of this massive market opportunity. Baidu will continue to invest unwaveringly in this area in the coming quarters,” CEO Robin Li said in the company’s earnings statement.
Write to Adam Clark at [email protected]
Source: https://www.barrons.com/articles/baidu-stock-ai-earnings-price-6104974a?siteid=yhoof2&yptr=yahoo