Baidu Reports Fifth Consecutive Quarterly Revenue Decline
Baidu announced a 4% drop in its quarterly revenue, marking its fifth consecutive sales decline, as a surge in AI cloud revenue failed to offset a slump in advertising. The company missed Q2 expectations on revenue and EPADS, with iQIYI revenue also slipping by 5%.
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Baidu Posts Fifth Straight Sales Drop After AI Lags Rivals
Baidu Inc.’s revenue fell for a fifth consecutive quarter, reflecting the search leader’s persistent lag in AI development and a struggling advertising business.
By Bloomberg News
Read full article →Baidu quarterly revenue drops 4% as AI cloud surge fails to offset advertising slump
Chinese tech giant Baidu on Tuesday posted a 4 per cent year-on-year decline in second-quarter revenue, as continued weakness in advertising outweighed growth in its artificial intelligence cloud operations, highlighting intensifying competition in China’s tech sector. Revenue for the three months ended June reached 31.3 billion yuan (US$4.62 billion), slightly missing the 31.6 billion yuan consensus estimate from analysts polled by Bloomberg. Net profit for the quarter was 2.3 billion...
By Ben Jiang
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