Baidu, Inc. (NASDAQ: BIDU) has reported a double-digit increase in adjusted earnings for the third quarter of 2022 when its revenues rose slightly. A modest revenue growth in the main Baidu Core segment more than offset a decline in the iQIYI division.
Total revenues of the China-based technology company increased 2% annually to RMB32.54 billion ($4.57 billion) in the September quarter. The Baidu app had 634 million monthly active users at the end of the quarter, which is up 5% year-over-year.
Third-quarter adjusted earnings moved up to RMB16.87 per ADS ($2.37 per ADS) from RMB14.66 per ADS in the corresponding period of fiscal 2021. On an unadjusted basis, it was a net loss of RMB0.87 per ADS ($0.12 per ADS), compared to a loss of RMB48.18 per ADS last year.
Check this space to read management/analysts’ comments on Baidu’s Q3 2022 results
“Looking ahead, we expect our mobile ecosystem to continue generating strong cash flow and fund our investment in AI Cloud and intelligent driving, which will help maintain our leadership in the new AI business and drive long-term business growth,” said Baidu’s CEO Robin Li.