Baidu Q4 Revenue Hits $4.9B, NetEase Stock Surges, Baidu Net Income Down 48%
China's internet sector faces challenges with slower growth, but Baidu aims to leverage its early lead in AI. NetEase's stock surges in Hong Kong after China approves its online game, leading to positive quarterly results. Baidu reports a 6% revenue rise, driven by AI initiatives like ChatGPT-style service and Ernie chatbot, despite a drop in net income. Baidu's Q4 revenue hits $4.9B, with net income down 48% to $366M. Baidu's total 2023 revenue reaches $18.96B, with non-GAAP net income up 39% YoY to $4.05B. Analysts expect Baidu's Q4 revenue to be $4.86B (+1.33% YoY) and earnings per share at $2.48 (+12.22% YoY).
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Baidu Inc.
Baidu's 2023 net income has beat market forecasts, with AI emerging as a new growth engine. Robin Li, Baidu’s co-founder, chairman, and CEO, said: "Throughout 2023, we made significant strides in advancing ERNIE and ERNIE Bot, reinventing our products and services, and achieving… https://t.co/MTBgPyknve
CN Wire NetEase 4Q revenue 27.1 billion yuan, vs Est. 28.2 bln. Full-year revenue 103.5 bln yuan, vs 96.5 bln in 2022. 4Q online game services revenue 20.9 bln yuan. 4Q gross profit 16.8 bln yuan, vs Est. 17.08 bln. #China #NetEase $NTES
Reuters Breakingviews Breakingviews - Baidu may be the world's most unloved AI stock https://t.co/Tkg8eEoOp4 https://t.co/Tkg8eEoOp4
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