TECH - Baidu's Results Proved Its Resilience Amid A Challenging Macroeconomic Backdrop | Benzinga
On Tuesday, Baidu Inc (NASDAQ: BIDU) shares rose 2% after as the Chinese tech giant reported solid third quarter results. While Open AI stayed without its key figures and Microsoft Corporation (NASDAQ: MSFT), with its 49% stake in the company, having to deal with the drama, Baidu continues to boldly carve its AI path.
Third Quarter Highlights
For the quarter ended on September 30th, revenue grew by 6% YoY to 4.45 billion yuan which amounts to about $4.72 billion. Revenue growth slowed down from second quarter’s 15% YoY growth. Online marketing revenue at the search engine provider rose 5% YoY while non-online marketing revenue increased 6%. In the second quarter, these two revenue sources both grew by double digits. Due to an increased marketing spend, Baidu's selling, general and administrative expenses rose 11% YoY to 5.8 billion yuan. Net income amounted to 6.68 billion yuan, rising from last year’s comparable quarter when Baidu earned 5.21 ...