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Benzinga

Business

Anusuya Lahiri

Baidu's AI Cloud Takes Off, But Ad Slump Steals Spotlight

Beijing,,China,-,Aug,28,,2023:,Baidu,Logo,Is,Seen

Baidu, Inc. (NASDAQ: BIDU) shares slipped after the company reported a decline in revenue and negative free cash flow, underscoring how its aggressive push into AI is reshaping the business, even as core advertising weakness persists.

The company reported quarterly revenue of $4.38 billion, a decline of 7% year-on-year (Y/Y), topping analysts’ consensus estimate of $4.31 billion.

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