Baidu, Inc. (NASDAQ: BIDU) on Tuesday reported higher revenues and adjusted earnings for the first quarter of 2023, with both operating segments registering growth.
Total revenues of the China-based technology company increased 10% year-over-year to RMB31.1 billion ($4.54 billion) in the March quarter. The Baidu app had 657 million monthly active users at the end of the quarter, which is up 4% year-over-year.
First-quarter adjusted earnings moved up to RMB16.10 per ADS ($2.34 per ADS) from RMB11.22 per ADS in the corresponding period of fiscal 2022. On an unadjusted basis, net income was RMB15.92 per ADS ($2.32 per ADS), compared to a loss of RMB2.87 per ADS last year.