Investors reacted cautiously to first quarter results from Baidu (NASDAQ: BIDU) after the company posted stronger annual performance but missed consensus estimates.
For the reported quarter, The firm delivered adjusted earnings of $1.75 per share, coming in $0.06 above analyst projections of earnings of $1.69 per share.
Revenue for the quarter came in at $4.65 billion, below analyst expectations by $10.00 million compared with estimates of $4.66 billion.
The enterprise recorded mixed year-over-year results during the quarter, with earnings down 31.4 percent and revenue up 4.0 percent.
Robin Li, Co-founder and CEO of Baidu, stated, “In Q1, our Core AI-powered Business exceeded half of Baidu General Business revenue for the first time, marking a clear signal that AI has become the core driver of Baidu. AI Cloud Infra delivered exceptional momentum, powered by surging enterprise demand and the differentiated full-stack AI capabilities we have built over the years.”
