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.
Read management/analysts’ comments on Baidu’s Q4 2021 results
Baidu’s stock traded lower on Wednesday afternoon in the Nasdaq stock exchange, after opening the session slightly above $160.
