Baidu (BIDU) US-listed shares climb as Q1 revenue tops expectations
Baidu US-listed shares (NASDAQ: BIDU) rose 2% in premarket trading Thursday after the Chinese internet giant reported better-than-expected Q1 revenue, while earnings matched analyst estimates.
Baidu’s Hong Kong-listed stock fell 0.7%.
The company posted Q1 earnings per share (EPS) of RMB16.10, matching consensus estimates. The company's revenue for the quarter was RMB31.51 billion, ahead of the projected RMB31.43 billion.
Baidu's core business generated revenue of RMB23.80 billion, also surpassing the estimated RMB23.58 billion.
Meanwhile, revenue from iQIYI was RMB7.9 billion, short of the expected RMB8.02 billion.
"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 Robin Li, Co-founder and CEO of Baidu.
"As a new era of Gen-AI unfolds in China, foundation models like ERNIE will serve as the underlying infrastructure, infusing various facets of people's lives. We are making our ERNIE family of models increasingly affordable and efficient. This should provide Baidu with even greater opportunities ahead."
By Vahid Karaahmetovic