China's Baidu Inc (9888. HK) surpassed revenue expectations in the second quarter, benefiting from a rebound in advertising expenditure following the pandemic. The tech giant, known for operating China's largest search engine, relies heavily on online ads for its revenue. Baidu announced plans to further focus on generative artificial intelligence (AI), with CEO Robin Li stating that sectors such as advertising, healthcare, financial services, local services, and travel were performing well. Baidu has been making significant investments in AI, particularly in autonomous driving and large language models (LLM).
The company has integrated its Ernie AI model into its products and anticipates gaining market share through these improvements. While Baidu still awaits regulatory approval for a widespread launch of its Ernie bot, it believes that Chinese authorities are becoming increasingly supportive of generative AI. Baidu's revenue for the second quarter was 34. 06 billion yuan ($4. 67 billion), surpassing analysts' estimates. The company also reported higher-than-expected adjusted profits per American Depositary Share (ADS).
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