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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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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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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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Samsung’s new phones replace Google AI with Baidu in China
The Verge
·
1y ago
Medial
Samsung has launched its Galaxy S24 lineup in China and is partnering with Chinese tech giant Baidu for its Galaxy AI features. The Chinese version of the smartphone will use Baidu's Ernie chatbot, as Google is not mentioned in this launch. The AI features include translation, summarization, and text formatting, along with real-time call translation and a version of Google's Circle to Search feature. This substitution is likely due to Google's limited presence in China. Baidu had to gain approval from the Chinese government before launching Ernie.
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China's Baidu, Geely say 'huge changes' in EV landscape behind cuts
Economic Times
·
7m ago
Medial
Chinese tech giant Baidu and car manufacturer Geely have announced staffing and operational cuts at their joint electric auto venture, Jiyue, attributing the changes to significant transformations in the EV industry. The companies stated that the previously established business plan could not be implemented due to changes in the competitive landscape. The number of affected employees is unclear, but Baidu and Geely assured that they would address payment issues promptly. This development highlights the challenges faced by Chinese EV companies in a highly competitive market, with potential ramifications for other brands in the future.
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Baidu placed AI chip order from Huawei in shift away from Nvidia
Economic Times
·
1y ago
Medial
Chinese AI company Baidu has reportedly ordered 1,600 artificial intelligence chips, the Huawei Ascend AI chips, as a potential alternative to Nvidia. Baidu placed the order ahead of new US government rules on chip exports to China. This indicates how some firms are shifting away from Nvidia, and although the order is relatively small, it is significant. Baidu is known for being a long-time client of Nvidia, and this move highlights Chinese acceptance of Huawei's products as an alternative. The Ascend chips are seen as the most advanced domestic option in China.
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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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Tesla faces strong self-driving rivals in China
Livemint
·
1y ago
Medial
Beijing's endorsement of Tesla's "Full Self-Driving" technology resulted in the stock experiencing its largest one-day percentage gain in over three years. Tesla's collaboration with Baidu, a Chinese search giant, on mapping and navigation seeks to advance autonomous driving in China. However, the competition in the Chinese market is fierce, with other companies such as Huawei and XPeng also developing self-driving systems. Fully autonomous vehicles still face regulatory obstacles globally, hampering their widespread adoption. The success of Tesla's FSD technology in China will determine its competitiveness against established rivals in the region.
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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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Chinese tech giant Huawei posts 34.3% rise in first-half sales
Economic Times
·
11m ago
Medial
Chinese tech giant Huawei reported a 34.3% increase in sales in the first half of the year despite US sanctions. The company, which has faced allegations of surveillance on behalf of Chinese authorities, has been cut off from global technology supply chains since 2019. Huawei's profit margin reached 13.2% during this period, down from 15% the previous year. Despite challenges in the smartphone market, Huawei remains a leading equipment manufacturer in the 5G industry and has diversified into sectors such as software, enterprise computing, and electric vehicles.
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China tech giant Alibaba posts modest yearly revenue growth
Economic Times
·
1y ago
Medial
Chinese e-commerce giant Alibaba has reported an 8% increase in annual revenue, reaching 941.2 billion yuan ($130.4 billion) for the fiscal year ending March 31. Net income also rose by 9% to 71.3 billion yuan during the same period. The company has been undergoing a major restructuring, dividing into six entities managed by their own CEOs and boards of directors. The move is aimed at making the firm more adaptable and resilient to potential regulatory crackdowns. Despite challenges and cancelled plans for IPOs, Alibaba remains a significant player in China's tech industry.
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