Baidu beats Q2 result expectations but loses money anyway
Автор: International Channel Shanghai
Загружено: 2021-08-16
Просмотров: 49
Описание:
Baidu beats Q2 result expectations but loses money anyway#Shorts
The shares of Baidu tanked when their lockup period ended one week ago.
Tech giant Baidu reported a 20-percent increase in its second quarter revenue on Thursday, driven by its artificial intelligence cloud business. The revenue of its AI cloud grew 71 percent compared to the same period last year, raising its Q2 revenue to more than 31 billion yuan. That figure beat internal expectations, but the company also posted a 583 million yuan net loss for the quarter anyway. That primarily came from losses in long-term investments and a fall in the value of its stake in Kuaishou Technology - the shares of which tanked when their lockup period ended one week ago.
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