Overview
- Total revenue fell 7% year over year to ¥31.17 billion for the third quarter, while online marketing revenue declined to ¥15.3 billion.
- AI-related businesses generated about ¥10 billion, rising more than 50% year over year, including AI cloud infrastructure up 33% to ¥4.2 billion and AI marketing up 262% to ¥2.8 billion.
- The quarter included sizable impairment charges that pushed the company into a loss, though Baidu cited adjusted profit of ¥2.6 billion.
- Baidu advanced its AI push with new chips, an upgraded Ernie model, and Apollo Go logging 3.1 million driverless operational rides.
- Shares edged lower around the release, and major brokerages updated price targets, with most ratings held at Buy or Equal-Weight.