Baidu posts 3% drop in third-quarter revenues, beating market expectations

Published On Nov 21, 2024, 4:29 AM

Baidu's Q3 2024 earnings indicated a 3% annual revenue decline to $4.78 billion, which surpassed market expectations of $4.63 billion. Net income increased by 14% to $1.09 billion, attributed largely to a 12% rise in non-online marketing revenue driven by its AI cloud business. Baidu also announced the upcoming release of AI-powered glasses in early 2025, which aims to compete with Meta's smart glasses. Additionally, the Ernie chatbot has reached 430 million users, positioning Baidu favorably in the AI market.

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Baidu's significant growth in AI cloud services and the launch of new hardware like the AI glasses may bolster its revenue streams. The ability to beat revenue expectations indicates strong operational management and market adaptability, pointing to a potential upward trend.

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