Current location:sport >>
Baidu reports better
sport9477People have gathered around
IntroductionChinese tech giant Baidu Inc on Wednesday reported better-than-expected financial results for the 20 ...
Chinese tech giant Baidu Inc on Wednesday reported better-than-expected financial results for the 2023 fiscal year, with a rise in total revenue and non-GAAP (generally accepted accounting principles) net income.
For the 2023 fiscal year, Baidu generated total revenue of 134.6 billion yuan ($18.96 billion), an increase of 9 percent year-on-year, and non-GAAP net income totaled 28.7 billion yuan ($4.04 billion), up 39 percent year-on-year.
Both revenue and non-GAAP net income beat market expectations, according to the Securities Times.
For the final quarter of 2023, Baidu generated revenue of about 35 billion yuan, up 6 percent year-on-year. Non-GAAP net income during the period reached about 7.76 billion yuan, representing a year-on-year increase of 44 percent.
The company said ERNIE, Baidu's generative artificial intelligence (Gen-AI) product, has already started to contribute to Baidu's revenues. In 2024, incremental revenue will increase to billions of yuan, mainly from AI applications and a growing advertising business.
The remarks came after figures showed that AI has become a new growth driver for Baidu. Baidu AI Cloud's total revenue in the fourth quarter was 8.4 billion yuan, and AI large language models brought in approximately 660 million yuan in incremental revenue to the cloud business, Robin Li Yanhong, co-founder and CEO of Baidu, said during a conference call on Wednesday.
According to Li, the company has made great strides in advancing ERNIE and ERNIE Bot, reinventing its products and services, and achieving breakthroughs in monetization. "Meanwhile, our core business has maintained its resilience and realized a healthy growth momentum," he said.
"Looking ahead, our commitment to generative AI and foundation models remains unwavering, paving the way for the gradual creation of a new growth engine," said Li.
Baidu Core also reported another solid quarter, with revenue growing 7 percent year-on-year to 27.5 billion yuan, boosted by the AI cloud business. Online marketing revenue reached 19.2 billion, up 6 percent year-on-year.
After the financial results were released, Morgan Stanley called Baidu the "best AI player in China," saying the company's generative AI will become a mid-term growth driver. China Merchants Bank predicted that the operating margin of its cloud business could continue to expand in 2024.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“International Index news portal”。http://liberia.spaceforanything.com/html-35f599918.html
Related articles
Everybody may love Raymond, but Ray Romano loves Peter Boyle
sportNEW YORK (AP) — “Baffling” is how Ray Romano calls the continued success of “Everybody Loves Raymond ...
【sport】
Read moreLeverkusen extends unbeaten record to 48 games with 5
sportBERLIN (AP) — Even without coach Xabi Alonso on the touchline Bayer Leverkusen remained unbeatable S ...
【sport】
Read moreBangladesh wins toss, puts Zimbabwe in to bat 1st in 2nd T20
sportCHATTOGRAM, Bangladesh (AP) — Bangladesh captain Najmul Hossain won the toss and sent Zimbabwe in to ...
【sport】
Read more
Popular articles
- Lynn Williams breaks NWSL goal
- LIZ JONES: Here's the final straw that ended my disastrous relationship
- Dunlap declared PGA Tour Champions winner after rain washes out final round
- Campus encampments: USC protesters comply with order to leave
- Target to lower prices on basic goods in response to inflation
- Chancalay, Ivačič lead Revolution to 1
Latest articles
The government wants to buy their flood
It started with a tweet. What if Harry Potter attended an HBCU? Now it's a book series
Driver dies after crashing into White House perimeter gate, Secret Service says
Government will treat elderly 'like criminals' under controversial new bank snooping law
Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
Muncy has first 3
LINKS
- Chinese cargo craft Tianzhou
- Explainer: Payment service guide for overseas visitors to China
- Over 5 bln USD of tentative deals inked at east China digital trade expo
- Xi to Attend Martyrs' Day Event to Pay Tribute to Fallen Heroes
- China's new
- Why foreign enterprises double down on investment in China
- Hainan eyes bigger role in nation's opening
- China sees expansion in 5G network coverage
- New advances inspire China's deep space exploration
- China registers 415 million motor vehicles, 500 million drivers