Shulou(Shulou.com)11/24 Report--

Thank you, CTOnews.com netizens. Hello, rabbit clue delivery! CTOnews.com May 16, today Baidu released its unaudited financial results for the first quarter ended March 31, 2023. In the first quarter, Baidu achieved revenue of 31.1 billion yuan, an increase of 10% over the same period last year; the net profit (non-GAAP) attributed to Baidu reached 5.7 billion yuan, a sharp increase of 48% over the same period last year, and both revenue and profit exceeded market expectations.

Thanks to the improvement of the macroeconomic situation, and enterprises continue to reduce costs and efficiency measures, Baidu profitability has greatly improved. Baidu's core operating profit (non-GAAP) surged 45 per cent to 5.36 billion yuan in the first quarter from a year earlier. Baidu Smart Cloud made a profit (non-GAAP) in the current quarter. Baidu's core online marketing revenue was 16.6 billion yuan, up 6% from a year earlier. Baidu's revenue from Baidu Core reached 23 billion yuan in the first quarter, up 8 per cent from a year earlier. In addition, Baidu bought back $195 million of shares in the first quarter.

The number of monthly active users of Baidu App reached 657 million as of March 2023, up 4 per cent from a year earlier, according to the financial report. In terms of smart driving, Baidu's self-driving service, turnip Express, received about 660,000 orders in the first quarter of 2023, an increase of 236% over the same period last year.

It is worth noting that Baidu Smart Cloud made a profit (non-GAAP) in the current quarter, with revenue up 8% from a year earlier to 4.2 billion yuan.

"in the first quarter of 2023, Baidu Core handed over a solid performance report, with faster growth in revenue than in the previous quarter, improved operating margins and operating leverage." Said Robin Li, founder, chairman and chief executive of Baidu.

We believe that the emergence of generative artificial intelligence and large-scale language models shows the transformative potential of artificial intelligence in various industries, and Baidu has launched a literary word in China, and we plan to steadily integrate it into all our businesses, Li added. Baidu CFO Luo Rong said: Baidu will continue to unswervingly invest in generative artificial intelligence in the coming quarters.

As of CTOnews.com, Baidu shares were up 3.3 per cent in pre-market trading in the US.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.