CHINESE internet giant Baidu today reported third-quarter revenues of 32.5 billion yuan (RM20.86 billion), representing a year-on-year increase of 2%, according to the company’s earnings report.

The company posted a net loss of 146 million yuan for the three months through September as it reined in costs and trimmed back far deeper losses from the equivalent quarter last year.

“Baidu Core delivered a solid set of financial and operational results in the third quarter, despite the continued challenges posed by the Covid-19 resurgence,” said CEO Robin Li.

The core business “resumed positive growth, driven by a gradual recovery of our online marketing business and the steady growth of our AI Cloud revenue”, Li said, hailing the company’s “significant progress in intelligent driving”.

“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… drive long term business growth,” he added.

Last year, Beijing-based Baidu reported a third-quarter loss of 16.6 billion yuan, despite revenues rising 63% year-on-year to 31.9 billion yuan at the time.

In recent years, Baidu has diversified into artificial intelligence, cloud computing and autonomous driving technologies as advertising revenue has remained sluggish. – AFP, November 22, 2022.