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Baidu, Inc. (NASDAQ: BIDU) on Tuesday reported a modest increase in adjusted earnings for the second quarter of 2022, despite a decline in revenues. Both operating segments contracted during the quarter, mainly due to the resurgence of COVID cases in certain cities in China.
Baidu Q2 2022 earnings infographic
Revenues of the China-based technology company decreased 5% annually to RMB29.6 billion ($4.43 billion) in the June quarter. The Baidu app had 628 million monthly active users at the end of the quarter, which is up 8% year-over-year.
Second-quarter adjusted earnings moved up to RMB15.79 per ADS ($2.36 per ADS) from RMB15.41 per ADS in the corresponding period of fiscal 2021. On an unadjusted basis, net profit was RMB9.97 per ADS ($1.49 per ADS), compared to a loss of RMB1.70 per ADS last year.
Check this space to read management/analysts’ comments on Baidu’s Q2 2022 results
“Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter,” said Baidu’s CEO Robin Li.
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