BIDU stock jumped more than 4.5% on the news.Executives intimated their strong belief in utilizing new generative AI technology.stock surged in Tuesday’s premarket following the Chinese search giant’s release of a major earnings beat for the quarter ending June 30. Despite trading sideways all year due to a faltering Chinese economy, Baidu was able to raise revenue 15% YoY and witnessed a 43% increase in adjusted earnings per average diluted share .
“The improvement in profit and margins as well as strong cash generation were primarily driven by revenue acceleration and efficiency gain," said CFO Rong Luo. "Generative AI and large language models hold immense transformative power in numerous industries, presenting a significant market opportunity for us,” said co-founder and CEO Robin Li. “To stay ahead of the game, we keep upgrading our models to generate more creative responses, while improving training throughput and lowering inference costs. Our latest foundation model, ERNIE 3.5, has been well recognized by our cloud customers, AI developers and industry experts.
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