Baidu, Inc. (NASDAQ: BIDU) has reported a decline in adjusted earnings for the first quarter of 2022, despite a modest increase in revenues. Strong growth in the Baidu AI Cloud and Intelligent Driving business was partially offset by weakness in the other areas of the business.
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
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.