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Baidu Inc. (BIDU) reported its unaudited Q2 results on Tuesday. The Chinese technology company topped both revenue and earnings per share estimates for the quarter.
Revenue reported at $4.424 billion for Q2 (down by 5% year-over-year) vs. $4.395 billion expected.
Earnings per share at $2.36 per share for the quarter vs. $1.59 per share estimate.
Robin Li, CEO of Baidu: “Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter.”
“Apollo Go further solidified its position as the world’s largest autonomous ride-hailing service provider. Apollo Go completed 287K rides in the second quarter, and accumulated one million rides on July 20, becoming an important alternative means of people’s everyday travel in the Yizhuang region of Beijing. Moreover, in a momentous landmark, Apollo Go became the first provider to offer fully driverless ride-hailing services – i.e. completely without human drivers present in the car – on open roads in Chongqing and Wuhan, allowing us to further scale up our operations at an accelerated pace,” Li added.
“Baidu Core delivered a non-GAAP operating margin of 22% in the second quarter, up from 17% in the first quarter of 2022, as we continued to optimize our costs and enhance operational efficiency,” said Rong Luo, CFO of the company.
“Going forward, we remain committed to quality revenue growth and sustainable business models,” Luo concluded.
Baidu Inc. (BIDU) chart
Shares of Baidu were down by around 7% on Tuesday at $137.49 per share.
Here is how the stock has performed in the past year:
Baidu price targets
Baidu Inc. is the 334th largest company in the world with a market cap of $47.08 billion.
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Sources: Baidu Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap
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