Baidu, Inc. (NASDAQ: BIDU) has reported lower earnings for the fourth quarter of 2021, despite a 9% increase in revenues. The top line benefited from strong growth in the company’s non-advertising business, particularly the acceleration of Baidu AI Cloud.
Revenues of the China-based technology company increased 9% annually to RMB33.1 billion ($5.2 billion) in the December quarter, supported by strong contributions from the Baidu Core segment. At the end of the quarter, the Baidu app had 622 million monthly active users.
Fourth-quarter adjusted earnings declined to RMB11.60 per ADS ($1.82 per ADS) from RMB20.08 per ADS in the corresponding period of fiscal 2020.
Baidu’s stock traded lower on Wednesday afternoon in the Nasdaq stock exchange, after opening the session slightly above $160.
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