Baidu’s (NASDAQ: BIDU) quarterly results beat Wall Street estimates, as the Chinese search engine benefited from a rebound in advertising sales and increased demand for its artificial intelligence and cloud computing products.
The company, dubbed the “Google of China,” also said its chief financial officer, Herman Yu, had been appointed chief strategy officer, but would continue to serve as chief financial officer until a successor. him be found.
Demand for the company’s rapidly growing autonomous driving service and its heavily invested artificial intelligence-based cloud computing products has helped Baidu diversify its revenue streams and offset competition from competitors. such as Alibaba (NYSE: BABA) and ByteDance.
Baidu’s streaming service iQIYI saw a 15% increase in advertising revenue and the number of subscribers rose to 106.2 million at the end of June thanks to more original content. IQIYI’s total revenue increased 3% to US $ 1.17 billion in the quarter.
The company said its total revenue reached US $ 4.84 billion, up from US $ 4.02 billion in the previous quarter, beating analysts’ estimates. The company’s latest profit was US $ 2.38 per share, ahead of $ 2.01 per share expected by Wall Street.