MW Baidu profits slow in 'transformation year' but top estimates
By Steve Goldstein
Baidu earnings beat analyst expectations
Chinese internet giant Baidu said its core business saw declining profits in the fourth quarter as online marketing revenue growth slowed even as its AI cloud business grew.
Baidu $(BIDU)$ (HK:9888) said its non-GAAP earnings fell 13% to 6.71 billion yuan as revenue fell 2% to 34.12 billion yuan, or $4.68 billion.
Its adjusted U.S. dollar earnings per diluted American depository receipt were $2.63.
Analysts polled by FactSet expected adjusted earnings of $1.98 a share on sales of $4.6 billion.
"2024 marked a pivotal year in our ongoing transformation from an internet-centric to an AI-first business," said Robin Li, the chief executive and co-founder of Baidu, in a statement.
There were no visible Baidu representatives at a symposium Chinese President Xi Jinping held on Monday with private-sector leaders including Alibaba's Jack Ma.
Baidu shares slipped 2% in premarket trade, underperforming other Chinese internet stocks.
-Steve Goldstein
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February 18, 2025 05:15 ET (10:15 GMT)
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