Baidu, Inc. (NASDAQ: BIDU) reported a sharp increase in adjusted profit for the fourth quarter of 2023. Revenue was up 6%. Both operating segments — Baidu Core and iQIYI registering growth.
Total revenues of the China-based technology company increased 6% year-over-year to RMB34.95 billion ($4.92 billion) in the December quarter. The Baidu app had 667 million monthly active users at the end of the quarter, which is up 3% year-over-year.
Fourth-quarter adjusted earnings moved up to RMB21.86 per ADS ($3.08 per ADS) from RMB15.25 per ADS in the corresponding period of fiscal 2022. On an unadjusted basis, net income was RMB6.77 per ADS ($0.95 per ADS).
