Baidu shares jumped almost 4.5% during Wednesday trading in Hong Kong following expectations-beating revenue from the Chinese tech giant. Baidu is trying to solidify an early lead in the race to win China's AI market, starting with the launch of its ChatGPT-like ERNIE Bot earlier this year.
Baidu generated revenue of $4.7 billion for the three months ending Sept. 30, a 6% year-on-year increase. The company also earned $916 million in net income, compared to a $20.6 million loss for the same quarter last year.
