[ad_1]
Textual content dimension
Baidu
,
the Chinese language search-engine big, reported a third-quarter lack of 16.6 billion yuan ($2.6 billion) after recording vital costs, however income jumped 13% and beat analysts’ estimates.
U.S.-listed shares of Baidu (ticker: BIDU) rose 2.2% to $175.05 in premarket buying and selling. The inventory rose 0.5% in Hong Kong.
The loss within the newest third quarter included a non-cash loss in long-term investments of 18.9 billion yuan.
In an e-mail despatched to Barron’s, Baidu stated non-GAAP earnings attributable to the corporate, “which might higher mirror Baidu’s wholesome enterprise operation,” have been 5.1 billion yuan, or $790 million.
A 12 months earlier, Baidu earned practically 13.7 billion yuan.
Income within the third quarter of 31.92 billion yuan topped analysts’ estimates of 31.52 billion. Baidu stated income from its core operations rose 15% 12 months over 12 months to 24.7 billion yuan.
“Baidu Core delivered one other stable quarter, powered by our AI cloud income rising 73% 12 months over 12 months,” stated Rong Luo, chief monetary officer. “With a diversified AI portfolio, together with cloud providers, sensible transportation, sensible gadgets, self-driving, sensible EV and robotaxi, we’re effectively positioned for long-term development.”
Baidu stated in its e-mail that AI Cloud “continues to carry its agency place among the many high 4 cloud suppliers in China, with income development exceeding 70% for 2 consecutive quarters.”
For the fourth quarter, Baidu stated it expects income of between 31 billion yuan and 34 billion yuan, representing development price of two% to 12% 12 months over 12 months. The forecast, Baidu stated, assumes that core income will develop between 5% and 16% from final 12 months.
Baidu cautioned in a press launch Wednesday that the “Covid-19 scenario in China is evolving and enterprise visibility is proscribed.”
Baidu shares traded within the U.S. have declined greater than 20% in 2021. The inventory has suffered, together with lots of China’s tech firms over the previous few months, on considerations about Beijing’s regulatory clampdown on the tech business.
Write to Joe Woelfel at joseph.woelfel@barrons.com
[ad_2]
Source link