Baidu Inc Stock Price, News & Analysis

Baidu, Inc. (NASDAQ: BIDU) hosted its annual developer conference, Baidu Create 2022, focusing on AI advancements. The event highlighted Baidu's deep learning algorithms as key to innovative technologies like autonomous driving and AIGC. Baidu introduced new AI models including ERNIE 3.0 Zeus, enhanced video content generation tools, and a novel intelligent transportation solution, UniBEV. The conference also unveiled the XiRang MetaStack for metaverse creation and the QIAN strategy to advance quantum computing. Additionally, Baidu aims to train 2 million more AI professionals within two years.

Baidu has received the first license to test fully driverless vehicles in Beijing, allowing paid autonomous robotaxi services to launch in the city. Following successful operations in Wuhan and Chongqing, Baidu plans to expand its driverless fleet, adding 200 vehicles in 2023, aiming to establish the largest driverless ride-hailing area globally. Currently, Baidu's Apollo Go service covers over 100 square kilometers across China, serving a cumulative order volume exceeding 1.4 million, solidifying its position as the world's largest robotaxi provider.

Baidu has announced plans to construct the world's largest fully driverless ride-hailing service area in 2023, enhancing its leadership in the autonomous vehicle sector. As the leading robotaxi provider, Baidu's Apollo Go service completed 474,000 rides in Q3 2022, reflecting a 311% year-over-year increase. The company unveiled significant technological advancements, including the industry's first AI model for autonomous driving and a high-definition mapping system, contributing to improved safety and efficiency in autonomous driving.

Baidu reported its unaudited financial results for Q3 2022, achieving total revenues of RMB 32.5 billion ($4.57 billion), up 2% year-over-year. Baidu Core's revenue grew 2% to RMB 25.2 billion ($3.55 billion), driven by recovery in online marketing and 25% growth in AI Cloud revenue. Non-GAAP operating profit surged 14% to RMB 6.7 billion, aided by cost optimization. Noteworthy advancements in intelligent driving were marked by Apollo Go's expansion, completing over 474,000 rides. However, net income dropped to RMB 146 million, reflecting a significant year-over-year decline.

Baidu, Inc. (Nasdaq: BIDU) will announce its Third Quarter 2022 financial results on November 22, 2022, before the U.S. market opens. An earnings conference call is scheduled for 7:30 AM EST on the same day. Investors can pre-register using the provided link to receive dial-in information. A live and archived webcast will also be available on Baidu's investor relations website. Baidu, founded in 2000, aims to simplify technology for users and continues to be a leader in AI with a strong Internet foundation.

Baidu, a prominent AI company, reported its unaudited financial results for Q2 2022, revealing total revenues of RMB 29.6 billion ($4.43 billion), a 5% decline year-over-year. Baidu Core generated RMB 23.2 billion ($3.46 billion) in revenue, down 4%, impacted by Covid-19. However, Baidu AI Cloud grew 31% year-over-year. Net income attributable to Baidu reached RMB 3.6 billion ($543 million), with diluted earnings per ADS at RMB 9.97 ($1.49). Operating margin improved to 22%. Apollo Go solidified its leadership in autonomous ride-hailing, completing 287K rides in Q2.

Baidu has received permits to operate fully driverless robotaxi services in China, making it the first company to do so publicly without human drivers. Authorized to collect fares in Chongqing and Wuhan, these services will operate during the day in designated areas. This milestone indicates a significant advancement in China's autonomous driving landscape, recognized by regulators. Baidu's Apollo Go has become the world's largest robotaxi service, reaching over one million orders in total.