Baidu Q1 Earnings Down On Weak Revenues, Sees Higher AI Demand Ahead; Stock Up In Pre-market

India, May 18 -- Baidu.com Inc. (BIDU), a Chinese AI and internet company, reported Monday lower profit in first quarter hurt by weak revenues.

Looking ahead, Robin Li, Co-founder and CEO of Baidu, said, "We see AI driving even greater value for Baidu in the quarters ahead."

In pre-market activity on Nasdaq, the shares were gaining around 2.6 percent, trading at $138.88.

In the first quarter, net income attributable to Baidu was RMB3.45 billion or $499 million, compared to prior year's RMB7.72 billion.

Earnings per ADS was RMB8.76 or $1.27, lower than prior year's RMB21.59.

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Adjusted net income attributable to Baidu was RMB4.33 billion or $628 million....