Overview
- Total revenue declined 7% to 31.17 billion yuan, topping analyst expectations of 30.7 billion yuan.
- Online advertising revenue dropped 18% to 15.3 billion yuan as companies curtailed marketing budgets in a weak spending environment.
- Cloud and AI services rose 21% to 9.3 billion yuan, driven by demand for large language models and development tools.
- Baidu posted a net loss of 11 billion yuan due largely to asset write-downs, while earnings per share of 11.12 yuan beat the 8.37 yuan consensus.
- U.S.-listed shares were little changed in premarket trading as Baidu highlighted new AI chips for training and inference and continued upgrades to its Ernie model.