China’s search giant Baidu
BAIDU.COM
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opening:150.01
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low:134.19
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which also produces electric vehicles, released its financial statements for the fourth quarter of 2022 according to which its revenues amounted to $4.79 billion, a collection of the expected revenues of $4.66 billion.
The company records an adjusted profit of $2.22 per share, compared to an expected adjusted profit of $1.92 per share. In total, the company earned about 779 million dollars, an increase of about 32% from last year.
In addition, Baidu reports on a $5 billion share buyback plan that will last until the end of 2025. During the announcement, the company said that “We believe that in 2023 we have a clear path to accelerating sales growth and we are well positioned to take advantage of additional opportunities that exist following the improvement in China’s economic situation “.
The advertising field is still responsible for the majority of the company’s revenues with a share of about 60%. Despite this, the company is trying to advance in other areas that are not related to advertising, such as cloud services and autonomous vehicles, the revenues from which grew by about 12% in the last year.
The company places great emphasis on the field of artificial intelligence and invests heavily in it. At the beginning of the month Baidu announced its joining the artificial intelligence race with its new bot “Arnie” which will be launched in March and will be integrated into some of its businesses such as the search service and the cloud service. “The Chinese artificial intelligence market is on the verge of exploding in demand growth and unleashing enormous commercial potential. Baidu serves as the best example of the long-term growth of the Chinese artificial intelligence market,” said CEO Robin Li.
Baidu’s share rose by 15% since the beginning of the year to a price of $136.6, which represents a market value of $42.3 billion. The value that expresses a future profit multiplier (2023) of 15.
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