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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.

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khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

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