Cloud: Baidu reports quarterly revenue above Wall Street estimates

0
150
Cloud: Baidu reports quarterly revenue above Wall Street estimates
Cloud: Baidu reports quarterly revenue above Wall Street estimates

Coupled with Baidu’s highly reliable cloud services and advertising businesses helped drive revenue growth

Powered by high demand for its cloud services and self-driving taxis, Chinese search giant Baidu Inc. reported quarterly above Wall Street estimates on Tuesday.

By leveraging the firm’s capabilities in AI Baidu has been doubling down on self-driving vehicles as it looks for alternative revenue streams to maintain its blistering pace of growth.

Coupled with Baidu’s highly reliable cloud services and advertising businesses helped drive revenue growth

Baidu said, beating analysts’ average estimate of 32.22 billion yuan, total revenue was 33.09 billion yuan ($5.24 billion) in the fourth quarter ended 31 December.

Due to higher spending, promotional marketing and personnel costs, it incurred a 27% increase in selling, general and administrative expenses, Baidu said.

Net income attributable to Baidu fell to 1.72 billion yuan, or 4.51 yuan per American Depository Share (ADS) in the quarter, from 5.17 billion yuan, or 15.05 yuan per ADS, a year earlier.

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics