Baidu’S ChatGPT Style AI Awaits Beijing Approval

Aug 23, 2023 thejournalbiz

The company reported a larger-than-projected 15% jump in sales

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Baidu’s ChatGPT Style AI Awaits Beijing Approval
The company reported a larger-than-projected 15% jump in sales, via Bloomberg#baidu #chatgpt #ai pic.twitter.com/pguugWWo9I

— The_Journalbiz (@the_journalbiz) August 23, 2023

Bloomberg chart on Baidu

Baidu Inc.’s revenue rose its most in more than a year, joining China’s largest internet companies in rediscovering growth after Beijing relaxed its grip on the private sector to try and jumpstart a faltering economy.

Its shares rose about 4% in pre-market trading in New York.

The company reported a larger-than-projected 15% jump in sales to 34.1 billion yuan ($4.7 billion) for the June quarter. Net income rose 43% to 5.2 billion yuan.

Like Alibaba Group Holding Ltd. and Tencent Holdings Ltd., China’s search leader is riding a recovery in advertising and consumer spending from the depths of the Covid Zero era in 2022.

That’s despite increasing turbulence in the world’s No. 2 economy that emerged in past months, from stubbornly high unemployment to a property crisis. On Tuesday, video platform Kuaishou Technology reported its first net income on record after sales beat expectations.

Investors for now are focused on Baidu’s AI ambitions, since the Chinese company demonstrated its domestic leadership by unveiling a ChatGPT-rival called Ernie in March.