Baidu, often referred to as China’s Google, delivered a solid fourth-quarter update with a revenue beat and $5 billion share buyback program. The shares are surging.
The Chinese technology company (ticker: BIDU) reported adjusted earnings of $2.21 a share on revenue of $4.80 billion for the December quarter. Analysts had expected revenue of $4.70 billion, according to a FactSet poll.
…
Baidu, often referred to as China’s Google, delivered a solid fourth-quarter update with a revenue beat and $5 billion share buyback program. The shares are surging.
The Chinese technology company (ticker: BIDU) reported adjusted earnings of $2.21 a share on revenue of $4.80 billion for the December quarter. Analysts had expected revenue of $4.70 billion, according to a FactSet poll.
Baidu
‘s quarterly adjusted net profit came to $779 million, up 32% from the same period the previous year. The company said it benefited from its cost-savings efforts. Its board also authorized a new buyback program for up to $5 billion of its shares, through to the end of 2025.
Baidu
‘s American depositary receipts were up more than 7% in premarket trading on Wednesday. The ADRs are up 23% this year, partly fueled by excitement over Baidu’s plans to launch a chatbot powered by artificial intelligence, named “ERNIE Bot” in English.
In an internal letter on Wednesday seen by Barron’s, Baidu CEO Robin Li said ERNIE will be launched in March and will be integrated with a number of its businesses, including search, cloud-computing services and autonomous-driving technology.
Advertisement – Scroll to Continue
“The Chinese AI market is on the verge of experiencing an explosive growth in demand, releasing unprecedented and exponential commercial value. Baidu stands as the best example of the long-term growth of China’s AI market,” Li said.
Write to Adam Clark at [email protected]
