Baidu Reports Slowest Revenue Growth in Over a Year Amid Rising AI Competition

Despite a modest 1% revenue increase, Baidu faces intensified competition in China's tech sector, affecting its profitability.

Baidu's quarterly revenue reached $4.4 billion, marking a 1% year-on-year growth.
Net profit fell by 6% to $755 million in the first quarter of 2024.
Increased competition from Tencent and ByteDance is challenging Baidu's market position.
Baidu's AI Cloud business and advertising sales contributed to revenue stabilization.
The company is investing heavily in generative AI and autonomous vehicles to diversify its offerings.