Baidu exceeds market expectations thanks to AI

Cloud and AI makes up for online marketing weakness

Trade

Chinese tech giant Baidu saw its revenue fall slightly in the third quarter to an equivalent of $4.6 billion. Still, investors are pleased with the results. Net income for the period rose 14% to 1.09 billion.

Baidu, also called China’s Google, posted a 12% increase outside its Internet revenue thanks to AI cloud activities.

The growth in AI cloud business offset Baidu’s “continued weakness” in online marketing flow, CEO Robin Li said.

Baidu promoted its Ernie chatbot as a local alternative to OpenAIs ChatGPT, which is not available in China. Ernie bot now has 430 million users.

The company announced this month that the Xiaodu AI glasses will go on sale in the first half of next year. The wearable has at least one camera and uses Ernie AI and search functions from Baidy. The AI glasses will be a competitor to Meta’s Ray-Ban smart glasses.

Baidu also reported good results with robot cab Apollo Go, whose number of rides has increased sharply.

Emerce

Read More: Baidu Results