Asia
Chinese AI Pioneer Baidu Posts Biggest Sales Fall Since 2022
- Revenue fell 3%, the deepest decline in more than two years
- Baidu is investing heavily in AI and autonomous driving
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Baidu Inc. recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.
Revenue for the three months ended September slipped 3% to 33.6 billion yuan ($4.6 billion), in line with analysts’ projections. Net income came to 7.6 billion yuan. Its shares fell more than 3% in pre-market US trading.