On November 12, 2024, Baidu launched a pair of glasses with a built-in artificial intelligence assistant, providing a Chinese rival to Meta Ray-Ban glasses, which have achieved rare success in artificial intelligence-driven hardware.
Bloomberg | Bloomberg | Getty Images
BEIJING – China’s tech giants Baidu Third-quarter revenue reported on Thursday fell 3% year-on-year, but exceeded market expectations amid the growth of the artificial intelligence cloud.
Revenue for the quarter ended Sept. 30 was $4.78 billion.
Baidu noted that its non-online marketing revenue grew 12% to $1.1 billion, driven primarily by its artificial intelligence cloud business.
Analysts expect the company to report the following for the current quarter, according to estimates from London Stock Exchange Group (LSEG):
- income: US$4.63 billion
- net income: US$857.17 million
Baidu reported revenue of 34.45 billion yuan ($4.75 billion) and net profit of 6.68 billion yuan. Third quarter of 2023.
Beijing-based Baidu operates one of China’s main web browser search engines, as well as a popular mapping application. The company also sells cloud computing services. Internet marketing accounts for a large portion of the company’s revenue.
In the field of artificial intelligence, Baidu promoted its Ernie chatbot as a local alternative to OpenAI’s ChatGPT, which is not yet available in China. Baidu said last week that Ernie bot currently has 430 million users.
The company also announced this month that Xiaodu AI Glasses Sales will begin in the first half of next year. The wearable device comes with at least one lens and uses Ernie’s artificial intelligence capabilities as well as Baidu’s mapping and search capabilities. While Baidu has yet to reveal pricing, the product is widely expected to be a Chinese alternative to Meta’s popular products Ray-Ban smart glasses.
Baidu announced a management rotation last month, with Junjie He, before Head of Mobile Ecosystem Team, Become interim financial officer of the companyand former CFO Luo Rong became the leader of the mobile department.
About The Author
