Revenues of the China-based technology company edged up 1% annually to RMB28.41 billion ($4.5 billion) in the March quarter. The Baidu app had 632 million monthly active users at the end of the quarter.
First-quarter adjusted earnings declined to RMB11.22 per ADS ($1.77 per ADS) from RMB12.38 per ADS in the corresponding period of fiscal 2021. On an unadjusted basis, it was a loss of RMB2.87 per ADS ($0.45 per ADS), compared to earnings of RMB73.76 per ADS last year.
Check this space to read management/analysts’ comments on Baidu’s Q1 2022 results
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Baidu’s stock traded higher early Thursday on the Nasdaq stock exchange soon after the earnings announcement. It has lost about 11% since the beginning of the year.