{"id":87188,"date":"2023-11-21T16:22:22","date_gmt":"2023-11-21T21:22:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/baidu-stock-gains-after-earnings-beat-ai-is-making-money\/"},"modified":"2023-11-21T16:22:22","modified_gmt":"2023-11-21T21:22:22","slug":"baidu-stock-gains-after-earnings-beat-ai-is-making-money","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87188","title":{"rendered":"Baidu Stock Gains After Earnings Beat. AI Is Making Money."},"content":{"rendered":"
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\n Baidu
\n stock gained on Tuesday after the Chinese tech company reported better-than-expected quarterly results and gave investors hope over growth in its artificial-intelligence business amid risks to the sector.<\/p>\n

Baidu (ticker: BIDU) reported earnings of 20.40 Chinese yuan ($2.86) a share on revenue of 34.5 billion yuan ($4.8 billion), beating expectations among analysts surveyed by FactSet of profit at 17.11 yuan a share on revenue of 34.3 billion yuan. This represents profit and revenue growth of 21% and 6%, respectively\u2014results to smile at, considering the backdrop of China\u2019s economic slowdown.<\/p>\n

\n

\u201cBaidu reported solid third-quarter financial results, demonstrating resilience in a challenging economic climate,\u201d said Robin Li, the company\u2019s co-founder and CEO.<\/p>\n

Hailed as China\u2019s answer to Google, Baidu\u2019s core business remains online search and advertising, though the group also has a compelling artificial intelligence (AI) business with units covering self-driving taxis, cloud computing, and a ChatGPT-style AI bot. Baidu began charging for its bot, called Ernie, this month, outside the scope of its third-quarter results, but updates on AI still took center stage.<\/p>\n

\u201cWe\u2019ve fully opened ERNIE API to cloud enterprises, empowering them to develop their own AI-native applications and solutions. Our AI-centric business and product strategy should set the stage for sustained multiyear revenue and profit expansion within our ERNIE and ERNIE Bot ecosystem,\u201d Li said, adding that it has also leveraged its capacity in AI to \u201creinvent our consumer-facing and enterprise-facing products, as well as our own operations.\u201d<\/p>\n

But risks may still loom for the AI business, at least in the longer term, underscored by unexpected news from peer
\n Alibaba
\n (BABA) last week. Alibaba, which is also pushing into AI, warned that expanded U.S. export controls on advanced chips\u2014a bid to control Chinese access to critical technology\u2014had slammed its AI business, housed within the group\u2019s cloud division. <\/p>\n

The U.S. rules \u201cmay materially and adversely affect Cloud Intelligence Group\u2019s ability to offer products and services and to perform under existing contracts, thereby negatively affecting our results of operations and financial condition,\u201d Alibaba said.<\/p>\n

It would be reasonable for investors to worry over similar risks exist for Baidu. Indeed, shares in Alibaba have shed 10% since its disclosure last Thursday, and Baidu stock fell as much as 5.5% over the same period\u2014before paring losses\u2014as the selloff spread.<\/p>\n

For now, Baidu is maintaining that AI continues to be a pillar of growth and that it has sufficient chip supply for now. Shares in the company advanced 3.3% on Tuesday. <\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Baidu stock gained on Tuesday after the Chinese tech company reported better-than-expected quarterly results and gave investors hope over growth in its artificial-intelligence business amid risks to the sector. Baidu (ticker: BIDU) reported earnings of 20.40 Chinese yuan ($2.86) a share on revenue of 34.5 billion yuan ($4.8 billion), beating expectations among analysts surveyed by […]<\/p>\n","protected":false},"author":1,"featured_media":86880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-87188","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBaidu Stock Gains After Earnings Beat. 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