Baidu, which operates China’s biggest search engine and is an artificial intelligence (AI) pioneer, beat revenue estimates for the first quarter in the company’s first earnings report since it launched its alternative to ChatGPT in March, reports the South China Morning Post. The Beijing-based company reported revenue of RMB 31.1 billion ($4.5 billion) for the first quarter, a 10% year-on-year increase and beating analysts’ estimates. Net income hit RMB 5.8 billion for the period, compared with a loss of RMB 885 million in the first quarter of 2022, according to results released on Tuesday.
Although the company still relies on advertising for the bulk of its revenue, Baidu has made it clear that its future lies with AI.
“We believe the emergence of generative AI and large language models (LLMs) present transformative potential for AI in various industries, to help people and organisations to achieve more and have a positive impact on society,” said Robin Li Yanhong, co-founder and CEO of Baidu.
You must log in to post a comment.