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Like its friends within the Chinese language tech sector, Baidu faces macroeconomic headwinds.
Liu Jin/AFP by way of Getty Pictures
A rising cloud computing and synthetic intelligence enterprise at
Baidu
helped the Chinese language tech large climate a gross sales slowdown in its core enterprise within the final quarter.
It’s boosting the inventory too. Shares in Baidu (ticker: BIDU) surged 3.6% in premarket buying and selling Tuesday, outpacing a 0.8% fall in futures monitoring the technology-heavy
Nasdaq.
Typically hailed as China’s reply to Google, Baidu’s bread and butter is the net search promoting enterprise, which has confronted robust macroeconomic headwinds in latest months much like these confronted by e-commerce peer
Alibaba
(BABA).
Fourth-quarter earnings launched Tuesday present that Baidu’s efforts to push into high-growth areas together with self-driving vehicles helped to offset a marked slowdown within the core enterprise.
Baidu reported internet revenue of $269 million for the ultimate three months of final yr on gross sales of $5.2 billion. Revenue fell barely wanting the $279 million anticipated by analysts surveyed by FactSet, however income beat estimates of $5.1 billion.
“Baidu concluded a stable 2021, evidenced by a robust development in our non-advertising enterprise, notably the acceleration of Baidu AI Cloud,” mentioned co-founder and Chief Govt Robin Li in a press release.
Write to Jack Denton at jack.denton@dowjones.com
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