Chinese technology company Baidu Inc. (NASDAQ-BIDU) announced on Tuesday, August 22, 2023, as part of its regular quarterly financial results reporting, that its sales increased by 15 percent, while this figure exceeded even the most optimistic expectations of analysts who predicted growth of up to ten percent. In response to these facts, the price of shares of Baidu Inc, traded on the NASDAQ stock market under the ticker BIDU in its pre-trading phase, rose sharply during the American morning of Tuesday, August 22, 2023. Yesterday’s Monday trading session on August 21, 2023, BIDU stock closed this trading day at $124.92 per share and during today’s 8/22/2023 pre-trade phase at approximately 8:24 am EDT corresponding to Central European Time At 14:24 CET, BIDU shares were trading at $130.50 per share on the NASDAQ market, up +4.47% from their previous price so far. NASDAQ-BIDU’s current stock price shows a growth of 9.21% since the beginning of this year 2023 from its previous price at the end of last year 2022 according to technical analysis data.
Baidu Inc. is a Chinese language internet search provider. The Company offers a Chinese-language search platform on its Baidu.com website that allows users to find information online, including web pages, news, images, documents and multimedia files, through links provided on its website. The company operates through two segments, the Baidu Core segment and the iQIYI segment. Baidu Core primarily provides search-based marketing, feed and other online marketing services, as well as products and services from the company’s new artificial intelligence (AI) initiatives. Within Baidu Core, the company’s products and services are categorized as Mobile Ecosystem, Baidu AI Cloud, and Intelligent Driving & Other Growth Initiatives. iQIYI is an online entertainment service provider.
Within the core businesses of Baidu Inc. online marketing revenue rose 15% to 19.6 billion yuan in the second quarter of this year 2023, and neon-line marketing revenue rose 12% to 6.8 billion yuan. The American depository’s earnings per share on a non-GAAP basis were 22.55 yuan, compared with 15.79 yuan in the year-ago period. “In the second quarter of 2023, Baidu Core accelerated revenue and profit growth due to solid online marketing performance and operating leverage,” said Robin Li, co-founder and CEO of Baidu. “Generative AI and large language models have tremendous transformative power in many industries, which represents a significant market opportunity for us,” said Mr. Li. The company is also looking to expand the reach of AI into the automotive sector. This month, in August 2023, the company announced a strategic agreement with state-owned Changan Automobile to develop autonomous driving capabilities based on the AI model behind Baidu Inc.’s Ernie robot. Baidu Inc. also operates self-driving (autonomous) taxis under the Apollo Go brand in China, and in Q2 2023 Baidu Inc. said it has already made roughly 714,000 rides on these robotaxis.
