China's Baidu beats earnings estimates as chatbot awaits govt approval

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China’s Baidu said it is seeking regulatory approval to fully launch its AI chatbot Ernie, as the search engine giant posted first quarter revenue and profit estimates that beat market expectations

CEO says ChatGPT-like chatbot awaiting govt approvalbeat first-quarter revenue and profit estimates on Tuesday as businesses spent more on advertising amid China's post-COVID reopening, and said it was awaiting regulatory approval to launch its ChatGPT-like Ernie bot.

Baidu CEO Robin Li said on Tuesday that after the Lunar New Year in late January, there was a quick economic recovery that especially benefited the company's advertisers in offline sectors such as travel and healthcare. Revenue from Baidu Core, which includes search-based advertising sales, cloud offerings and its autonomous driving initiatives, grew 8% to 23 billion yuan.

 

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