European stocks steady ahead of Nvidia’s results; U.K. CPI falls
Investing.com-- Baidu shares rose on Wednesday as investors looked past a quarterly loss and focused on signs of resilience in the Chinese tech giant’s artificial intelligence businesses.
The company posted its third-quarter results late Tuesday, highlighting continued expansion in cloud, autonomous driving, and AI-native applications despite pressure on its traditional online advertising operations.
Hong Kong-listed shares of the company rose as much as 4% to HK$115.7, before paring some gains to trade 2% higher by 03:13 GMT.
Baidu reported third-quarter revenue of RMB31.2 billion, down 7% from a year earlier, with weakness concentrated in online marketing, which fell 18% to RMB15.3 billion.
The company swung to a net loss of RMB11.2 billion after booking RMB16.2 billion in impairment charges tied to long-lived assets. Excluding those charges, Baidu said net income would have been RMB2.6 billion.
Revenue from AI-powered businesses grew more than 50% year-on-year to roughly RMB10 billion, supported by strong gains in AI Cloud, AI-native marketing services, and subscription-based AI applications.