Baidu (BIDU) Tops Q1 EPS by 96c, Revenues Beat

Baidu (NASDAQ: BIDU) reported Q1 EPS of $1.77, $0.96 better than the analyst estimate of $0.81. Revenue for the quarter came in at $4.48 billion versus the consensus estimate of $4.18 billion.

"Baidu delivered solid first quarter results, especially with regard to our cloud and intelligent driving businesses. Baidu AI Cloud reported another quarter of strong revenue growth and Apollo Go was granted the first permit in China to provide driverless ride-hailing services on public roads in Beijing," said Robin Li, Co-founder and CEO of Baidu. "Since mid-March, our business has been negatively impacted by the recent COVID-19 resurgence in China. Although challenges related to the virus continue to pressure our near term business operations, we remain confident that our new AI businesses will boost the long-term growth of Baidu and contribute to China's innovation-driven economy and sustainable development."

"Revenues from Baidu Core remained healthy with non-ad revenues increasing by 35% year over year, driven by Baidu AI Cloud, which grew 45% year over year in the quarter," said Rong Luo, CFO of Baidu. "Looking ahead, we remain committed to quality revenue growth and an enduring business model. In addition, we will further enhance our overall operational efficiency to drive long-term growth."

For earnings history and earnings-related data on Baidu (BIDU) click here.

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