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Chinese internet company Baidu posts modest revenue growth in September quarter
Economic Times
·
1y ago
Medial
Chinese internet company Baidu reported a 6% year-on-year revenue growth in the third quarter of 2023, surpassing analyst expectations. The company is diversifying into sectors such as cloud computing, autonomous driving, and artificial intelligence (AI) to combat increased domestic competition and a sluggish economy. Baidu's AI chatbot Ernie, introduced in October, claims to rival the capabilities of OpenAI's ChatGPT. The company reported a profit of $996 million and a revenue of $4.7 billion in the three-month period, representing a 23% and 6% increase, respectively.
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Chinese internet giant Baidu posts flat revenue as consumption slumps
Economic Times
·
11m ago
Medial
Baidu, the Chinese internet giant, reported flat second-quarter revenue of ¥33.93 billion ($4.67 billion), citing an uncertain economic outlook in the country. The company, known for operating China's top search engine, derives significant sales from advertising, which is susceptible to fluctuations in consumer and business spending. Despite the challenges, Baidu's net profit for the quarter increased by five percent to ¥5.5 billion ($770 million). Baidu competes with other Chinese internet giants such as Tencent and ByteDance and has been exploring opportunities in artificial intelligence and autonomous driving to diversify its revenue streams.
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Baidu revenue grows 6% in Q4 as AI and advertising boost business
Economic Times
·
1y ago
Medial
Baidu, China's largest internet search engine, reported a 6% increase in fourth-quarter revenue, driven by its artificial intelligence applications and advertising business. The company's adjusted net income soared by 44% compared to the same period last year, surpassing analysts' expectations. Baidu has been investing in AI as a strategy to counter the slowing Chinese economy, with its Ernie Bot and other AI services starting to contribute to its revenue. The company's online marketing revenue also grew by 6%. Baidu's shares rose by 0.4% following the announcement.
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Infosys may lead Indian IT pack this festive season
Livemint
·
10m ago
Medial
- Analysts predict that Infosys will post the fastest revenue growth in the IT services space for the quarter ending September 2024. - Infosys's growth is expected to surpass that of Tata Consultancy Services during the same period. - The growth of Infosys is driven by the consolidation of the in-tech acquisition and the ramp-up of previously won deals. - TCS's muted revenue growth is primarily attributed to a large 4G network deployment deal won from BSNL. - Operating margins for the top IT services companies are expected to increase in the September quarter due to cost optimization and lower visa costs. Salary hikes may offset some of the margin gains. - HCL Technologies' growth in the September quarter is projected to be more modest than TCS, driven by growth in all business segments except financial services. Wipro is expected to report the slowest growth among the top five companies, while Tech Mahindra is expected to see modest growth fueled by deals and cross-currency fluctuations.
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Tencent posts strong revenue growth as games sales recover
Economic Times
·
1y ago
Medial
China's Tencent Holdings reported a 10% increase in third-quarter revenue, driven by a strong recovery in its games business following regulatory crackdowns. The company's sales reached 154.6 billion yuan ($21.4 billion) in the three months ending in September, marking its third consecutive quarter of revenue growth. However, net profit fell by 9% to 36.1 billion yuan. Last year, the regulatory crackdown resulted in a decline in revenue for Tencent. This year, with the resumption of game licenses, the industry has seen a significant recovery.
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China's Tencent posts weak revenue growth, plans to double buybacks
Economic Times
·
1y ago
Medial
Chinese tech giant Tencent Holdings reported a 7% increase in fourth-quarter revenue, falling short of analyst expectations due to China's economic slowdown. The company, known for its popular WeChat messaging platform and gaming business, generated revenue of ¥155.19 billion ($21.56 billion) in the final quarter of 2023. Overall, Tencent's revenue for the full year increased by 10% to ¥609 billion, marking a recovery from its previous year of decline. However, the company's core gaming business experienced a slowdown, with revenue in China declining by 3%. Despite the challenges, Tencent plans to double its share buybacks in 2024.
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Baidu says AI chatbot 'Ernie Bot' has amassed 200 million users
Economic Times
·
1y ago
Medial
Chinese internet company Baidu announced that its artificial intelligence chatbot "Ernie Bot" has gained over 200 million users and is being used 200 million times daily. The chatbot, launched eight months ago, has attracted a large user base and is a popular choice for individuals and enterprise clients in China. Despite competition from other domestic AI services like Alibaba-backed Kimi, the Baidu chatbot remains the most widely used in China. However, globally, Baidu's AI service still lags behind OpenAI's ChatGPT, which remains the most popular generative AI service.
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Info Edge posts Rs 750 Cr revenue in Q4 FY25; profit jumps 7.7X
Entrackr
·
2m ago
Medial
Info Edge, the parent company of Naukri and 99acres, reported a 14.2% growth in operating revenue in the fourth quarter of the last fiscal year (FY25), while its profit jumped 7.7X due to a decline in expenses. The Noida-based company’s operating revenue rose to Rs 750 crore in Q4 FY25 from Rs 657 crore in Q4 FY24, according to documents sourced from the National Stock Exchange (NSE). On a fiscal basis, the Sanjeev Bikhchandani-led firm recorded Rs 2,849 crore in revenue during FY25, a 12% increase from Rs 2,536 crore in FY24. Info Edge derives the majority of its revenue from Naukri.com, which contributed Rs 542 crore in the quarter ending March 2025, a 13% year-on-year growth compared to Q4 FY24. Meanwhile, revenue from 99acres reached Rs 106 crore, while the Jeevansathi and Shiksha segments collectively generated Rs 102 crore during the same quarter. The company added another Rs 520 crore from interest on deposits and investment which pushed its overall revenue to Rs 1,270 crore in Q4 FY25. On the fiscal basis, its total income stood at Rs 3,922 crore in FY25. On expense side, Info Edge spent 61% of its overall expenditure on employee benefits, which increased a modest 13% year-on-year to Rs 331 crore in Q4 FY25. Its advertising and internet costs stood at Rs 100 crore and 21 crore, respectively. The company’s overall cost grew 15% YoY to Rs 539 crore in Q4 FY25 from Rs 469 crore in Q4 FY24. Meanwhile on the fiscal basis, total cost rose 9% to Rs 2,002 crore in FY25. The steady growth and surge in other income with controlled expenditure led its profits to spike 7.7X to Rs 678 crore in Q4 FY25, compared to Rs 88 crore in Q4 FY24. On a fiscal basis, the firm’s profit doubled to Rs 1,310 crore in FY25 from Rs 594 crore in FY24. As of 2:43 PM, Info Edge is trading at Rs 1,456, down 1.19% from today’s opening price. The firm’s market capitalization stands at Rs 94,337 crore.
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Slow business outside Wipro’s biggest growth segments hurts revenue | Mint
Livemint
·
1y ago
Medial
Wipro Ltd., a leading IT services company, has reported a decline in revenue for the quarter ending June. This marks the second consecutive quarter of revenue decline, following a trend set by HCL Technologies Ltd. The decline was largely driven by the company's oil and natural gas business segment. While Wipro's net profit saw modest growth, the company is expected to face further declines in the next quarter. Despite the challenging market conditions, Wipro's CEO remains optimistic and emphasizes the need to win deals and grow accounts to recover from the soft quarter.
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ABFRL posts net loss at Rs 214.7 Cr in Sep qtr
YourStory
·
9m ago
Medial
Aditya Birla Fashion and Retail Ltd reported a net loss of INR 214.70 crore in the September 2024 quarter, compared to INR 200.34 crore in the same period last year. The company's revenue from operations increased to INR 3,643.86 crore from INR 3,226.44 crore. The loss was attributed to higher depreciation and interest costs. The company saw growth in newer businesses, while its established brands continued to grow with improved profitability. ABFRL recently announced the de-merger of its Madura business into a separate entity named ABLBL.
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Zomato posts Rs. 36cr profit this quarter
Economic Times
·
1y ago
Medial
Zomato, the online food delivery platform, has reported a significant improvement in profitability for the quarter ending in September, with a profit of INR 36 crore. This follows a surprise profit of INR 2 crore in the preceding quarter and a loss of INR 251 crore in the same period last year. Revenue from operations also saw a 71% year-on-year increase to INR 2,848 crore, surpassing market expectations.
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