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Baidu’s Shares Soar After Surprise Revenue Gain From AI Push

  • Netflix-style unit iQiyi posts first profit since its US IPO
  • Shares of both firms jump in pre-market New York trading
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Alibaba Sales Tops Estimates
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Baidu Inc. shares jumped more than 12% on Friday after the Chinese internet search leader posted a surprise quarterly revenue gain, reassuring investors spooked by the impact of Covid lockdowns.

Sales nudged 1% higher in the January-March quarter, as efforts to expand in areas such as cloud computing and autonomous driving offset weak ad sales hurt by Covid outbreaks and lockdowns. Baidu’s Netflix-style streaming affiliate iQiyi Inc. also posted its first quarterly net income since its 2018 listing, after carrying out aggressive cost control measures.