Baidu reports 25% YoY growth in total revenue in Q1

Tuesday, 18. May 2021 11:47

Baidu Inc. revealed on Tuesday that its total revenue hit 28.1 billion yuan ($4.29 billion) in the first quarter of 2021, representing an increase of 25% compared to the same period a year ago.

The company recorded an operating income of 2.8 billion yuan ($426 million) in the opening trimester after having documented an operating loss of 437 million yuan in the corresponding timeframe in 2020. Diluted earnings per American depositary shares (ADS) skyrocketed on an annual basis, from 0.02 yuan to 73.76 yuan ($11.26) in the quarter ended March 31, 2021, while net income surged to 25.7 billion yuan ($3.92 billion) from 41 million yuan.

"We will continue to invest heavily in sales, R&D and operations to support the rapid growth of our AI-powered business," Baidu's CFO Herman Yu noted.

The company's Class A shares on the Nasdaq rose by 3.84% in premarket trade after the release of the report.

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Breaking the News / MS