China's Baidu reports 15% revenue growth, beating expectations

BEIJING — Chinese tech institution Baidu reported better-than-expected revenue, up by 15% year-on-year successful the 2nd 4th and bolstered by maturation successful advertising.

Here's however Baidu did successful the June 4th versus Refinitiv statement estimates:

"In the 2nd 4th of 2023, Baidu Core accelerated gross and nett growth, driven by the coagulated show of online selling concern and operating leverage," said Robin Li, Co-founder and CEO of Baidu, said successful a release.

"Generative AI and ample connection models clasp immense transformative powerfulness successful galore industries, presenting a important marketplace accidental for us," helium said.

Baidu has been making advancement with a Chinese-language ChatGPT alternate called Ernie bot, which is unfastened to the nationalist and was launched successful March. OpenAI's wildly fashionable rival chatbot isn't easy accessible successful the country.

Last week, Baidu announced that 5 Ernie bot plugins — including ones for rapidly converting substance to video and for PDF hunt — would go much wide disposable to users. Three of the plugins tin besides beryllium utilized simultaneously, according to the company.

Baidu past week besides revealed an AI-powered adjunct that could assistance with tasks including booking meetings, aerial tickets and hotels. It was not instantly wide however users could get the adjunct product.

The institution is besides looking to grow the scope of AI into the automobile sector. This month, the institution announced a strategical statement with state-owned Changan Automobile to make autonomous driving capabilities based connected the AI exemplary down Baidu's Ernie bot.

Baidu is not unsocial successful its foray, arsenic different Chinese tech giants are besides pushing into AI-related products. Earlier this month, e-commerce elephantine Alibaba claimed that "strong demand" for grooming artificial quality models connected the unreality and the related concern accidental was just beginning.

Internet titan Tencent said during its net merchandise past week that it plans to launch its ain AI exemplary aboriginal this year, for usage successful products specified arsenic gaming and advertising.

Baidu besides operates self-driving taxis nether the Apollo Go marque successful China. In the 2nd quarter, Baidu said it ran astir 714,000 robotaxi rides, up from 660,000 successful the archetypal quarter.

The institution was allowed to commencement charging fares for nationalist robotaxi rides successful Beijing successful November 2021. Passengers tin publication the rides, which are typically highly subsidized, via an app.

Most of the robotaxis, which are disposable successful parts of galore large Chinese cities, inactive person quality unit inside.

In June, the institution said it received support to run robotaxis without employees successful a suburb of Shenzhen. That followed akin support successful August 2022 to region quality unit successful immoderate robotaxis successful parts of Wuhan and Chongqing.