FMP
Baidu Stock Gains 4% on Q2 Beat
Aug 22, 2023 3:36 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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Baidu (NASDAQ:BIDU) shares gained over 4% intra-day today following the release of its financial results for the second quarter. Revenue for the quarter came in at $4.697 billion, exceeding the Street estimate of $4.57 billion.
EPS reached $3.11, marking a substantial 43% surge from the previous year. This figure significantly outpaced the Street estimate of $2.32.
Robin Li, CEO of Baidu, emphasized that in the second quarter, Baidu Core experienced accelerated growth in both revenue and profits. This success was driven by the strong performance of the online marketing business and the benefits of operating leverage. Li also highlighted the significant potential of generative AI and large language models to transform various industries, thereby presenting substantial market opportunities for Baidu.
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