5/26/2022, 10:37 AM (Source: TeleTrader)
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Chart for: Baidu Inc


Chart for: Baidu

Baidu's revenues up 1% to $4.5 billion in Q1

Baidu Inc. revealed on Thursday that its total revenue hit 28.4 billion yuan ($4.48 billion) in the first quarter of 2022, up by 1% compared to the same period a year ago.

The company recorded an operating income of 2.6 billion yuan ($410 million) in the opening trimester, which was 7% lower compared to the opening quarter of 2021. Diluted loss per American depositary share (ADS) came in at 2.87 yuan ($0.45) in the quarter ended March 31, 2022, as opposed to 73.76 yuan ($4.51) earnings per share in the same three-month period of 2021. Its net loss amounted to 885 million yuan ($140 million), after an income of 25.6 billion yuan ($1.7 billion) recorded in the corresponding quarter of the previous year.

"Since mid-March, our business has been negatively impacted by the recent COVID-19 resurgence in China. Although challenges related to the virus continue to pressure our near term business operations, we remain confident that our new AI businesses will boost the long-term growth of Baidu and contribute to China's innovation-driven economy and sustainable development," CEO Robin Li commented.

Baha Breaking News (BBN) / BU