Baidu, the Chinese search engine company, reported fourth-quarter figures that beat forecasts.
The company announced an EPS of $20.08 on revenues of $30.26 billion. The markets were expecting an EPS of $17.78 and a revenue of $30.02.
The report came just days after CNBC revealed that it is in talks to raise money to create a stand-alone AI semiconductor company. This decision is seen as a way for the Chinse companies to secure their spot in the chip sector, and Baidu’s efforts to diversify beyond advertising. Since September, Baidu raised money for a biotech firm and an electric vehicle company.
Despite the results, the market reacted negatively, Baidu closing the session 5.37% lower. However, year-to-date, the company’s stock price went up 42%, while TECH100 added 8.36%.
Sources: investing.com, cnbc.com