FILE PHOTO: A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo
August 12, 2021
(Reuters) -China’s Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.
Baidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company’s chief strategy officer and will continue to serve as CFO until a successor is appointed.
Demand for the company’s rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.
The company, also known as China’s Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts’ average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.
($1 = 6.4756 Chinese yuan renminbi)
(Reporting by Eva Mathews in Bengaluru; Editing by Vinay Dwivedi)