Baidu, Inc. (NASDAQ: BIDU) on Tuesday reported a modest increase in adjusted earnings for the second quarter of 2022, despite a decline in revenues. Both operating segments contracted during the quarter, mainly due to the resurgence of COVID cases in certain cities in China.
Revenues of the China-based technology company decreased 5% annually to RMB29.6 billion ($4.43 billion) in the June quarter. The Baidu app had 628 million monthly active users at the end of the quarter, which is up 8% year-over-year.
Second-quarter adjusted earnings moved up to RMB15.79 per ADS ($2.36 per ADS) from RMB15.41 per ADS in the corresponding period of fiscal 2021. On an unadjusted basis, net profit was RMB9.97 per ADS ($1.49 per ADS), compared to a loss of RMB1.70 per ADS last year.
Check this space to read management/analysts’ comments on Baidu’s Q2 2022 results
“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,” said Baidu’s CEO Robin Li.