Baidu returns to profit in Q1

Beijing, 16th May: Earlier this week, Baidu, the leading Chinese language Internet search company, reported revenues of US$4.5 billion for the quarter ended 31st March 2023, which is a year-on-year increase of 10%. The company recorded a net profit of US$848 million in the quarter, compared to a loss of US$140 million in the first quarter of 2022.

Approximately 58% of Baidu’s revenues were generated from its online marketing services, amounting to US$2.6 billion. That figure grew 6.2% year-on-year. The remaining revenues, categorised as “other” increased by 15%, reaching US$1.9 billion. According to the company, its AI business was a key growth driver of the company’s revenues.