TELETRADER News
4/26/2018, 10:53 PM (Source: TeleTrader)
more TeleTrader news

Baidu+4.34%

295.30
Chart for: Baidu

Baidu reports revenue of $3.3B in Q1, up 31% YoY

Chinese internet giant Baidu Inc. reported on Thursday its revenue for the first quarter of 2018 stood at $3.3 billion, increasing 31% compared to the same period of last year. Diluted earnings per share were reported at $2.98.

The company's net income for the firs three months of the year was $1.1 billion. Meanwhile, operating income amounted to $852 million, increasing 128% year-over-year. The Chinese tech company said that mobile revenue represented 78% of total net revenues, compared to 70% in the first quarter of 2017.

"We had a strong start in 2018, with our core business exhibiting robust growth, and we continue to execute on our strategy to strengthen Baidu's mobile foundation and lead in AI. Through innovation, search plus feed is powering strong monetization, DuerOS is showing accelerated momentum with hardware partners and Apollo has a great potential to become a world-class technology platform," Baidu CEO Robin Li stated.

Baidu shares soared almost 6% in aftermarket trading, following the earnings release.

Breaking the News / BM