Posted 2/28/2024, 10:32:02 AM
Baidu Beats Q4 Estimates with Revenue Growth Led by AI and Core Businesses
- Baidu's Q4 revenue rose 6% year-over-year to $4.92B, exceeding analysts' expectations
- Baidu's AI service Ernie Bot launched a paid version in November and surpassed 100M users
- Baidu Core Q4 revenue grew 7% to $3.87B; online marketing rose 6% and non-marketing 9%
- iQIYI Q4 revenue increased 2% to $1.09B but average subscribers declined to 100.3M
- Baidu bought back $318M in shares in Q4, totaling $669M under 2023 repurchase program