Baidu Shares Drop as Q3 Online Marketing Revenue Falls Short; Cloud Business Gains [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance
According to Baidu's co-founder and CEO Robin Li, the company's online marketing revenue was affected by continuous flaws in online marketing, which was somewhat offset by the expansion of the AI Cloud business. Driven mostly by the artificial intelligence cloud industry, non-online marketing revenue climbed 12% year over year to 7.7 billion renminbi ($1.10 billion). The company's autonomous ride-hailing service had 998,000 trips throughout the quarter, a 20% rise from last year, and Baidu also extended the running of its sixth-generation driverless car, the RT6, on public roads in some Chinese cities. China's cloud services industry remains competitive, with companies like Baidu, Alibaba, ByteDance, Tencent Holdings Limited, and iFlytek reducing rates for big language models early this year to attract clients. After reporting mixed third-quarter results, Baidu ( BIDU Financials ) shares dipped 5.5% in Thursday's morning trading, with online marketing revenue falling but clou
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