Baidu Q4 Profit Down, Revenues Rise

(RTTNews) - Baidu.com Inc. (BIDU), a Chinese internet and artificial intelligence company, reported Wednesday that its fourth-quarter net income attributable to Baidu was RMB2.60 billion or $366 million, down 48 percent from last year's RMB4.95 billion.

Earnings per ADS was RMB6.77 or $0.95, down 50 percent from last year's RMB13.59.

Adjusted net income attributable to Baidu was RMB7.76 billion or $1.09 billion, compared to RMB5.37 billion a year ago. Adjusted earnings per ADS was RMB21.86 or $3.08, compared to RMB15.25 last year.

NIn the quarter, net income attributable to Baidu Core was RMB2.4 billion or $344 million, adjusted net income attributable to Baidu Core was RMB7.5 billion or $1.06 billion.

Total revenues were RMB34.95 billion or $4.92 billion, increasing 6 percent from prior year's RMB33.08 billion. Revenue from Baidu Core was RMB27.5 billion or $3.87 billion, up 7 percent year over year.

Rong Luo, CFO of Baidu, said, "As we look ahead into 2024, our goal is to persistently enhance operational efficiencies and achieve high-quality growth."

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