Baidu's Third Quarter Revenues Surpass Market Expectations

Forex - Chinese technology giant Baidu experienced a 3% year-over-year decline in third-quarter revenues, although it performed better than market expectations. For the quarter ending September 30, revenues amounted to $4.78 billion. The net income for the period rose 14% to $1.09 billion. Baidu recorded a 12% increase in offline marketing revenue, reaching an equivalent of $1.1 billion, primarily due to the impact of its artificial intelligence cloud business. Analysts had expected revenues of $4.63 billion and a profit of $857.17 million. CEO Robin Li stated in the earnings announcement that growth in the AI cloud business balanced Baidu's "ongoing weakness" in online marketing streams.