Baidu Says AI Is Now Its Core Growth Engine - Baidu (NASDAQ:BIDU)
AI cloud, applications and marketing revenue rose 49% as enterprise demand accelerated and legacy search and advertising weakened, Baidu said.
- On Monday, Baidu CEO Robin Li Yanhong announced first-quarter results, revealing that AI-powered businesses accounted for more than 50% of general business revenue for the first time, despite total revenue declining 1.2% to $4.65 billion.
- Baidu's legacy search and traditional online advertising businesses have deteriorated at an alarming pace, contributing to a 2 per cent dip in overall income as the company pivots toward AI-driven revenue streams.
- AI cloud revenue jumped 79 per cent year on year to 8.8 billion yuan, while Apollo Go completed 3.2 million fully driverless rides during the quarter, up more than 120%; revenue from streaming platform iQIYI declined 13% year over year.
- Adjusted earnings of $1.75 per American depositary share topped consensus estimates of $1.69, while selling, general, and administrative expenses fell nearly 17% year over year to $712 million.
- CEO Li reported that enterprise demand for AI training and inference workloads continues to accelerate, with the Qianfan MaaS platform expanding support for models including DeepSeek, MiniMax, Kimi, and Zhipu AI.
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Chinese company has been investing heavily in AI, autonomous cars and chip development
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