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Shares of Baidu (NASDAQ:BIDU) are up almost 4% after the company reported better-than-expected Q2 results.
Baidu reported an EPS of RMB 15.79 to crush the analyst estimate of RMB 10.52. Revenue for the quarter came in at RMB 29.65 billion versus the consensus estimate of RMB 29.4 billion.
The company reported 628 million active monthly users.
“Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB 23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter,” CEO Robin Li said in a press release.
A Goldman Sachs analyst noted a strong beat on profits.
“BIDU 2Q22 results came in well ahead of GSe and Visible Alpha Consensus Data on OP/NP,” the analyst briefly commented after the earnings report.
