RTTNews | Aug 12, 2021 06:20AM EDT

06:20 Thursday, August 12, 2021 (RTTNews.com) - Leading AI company Baidu, Inc. (BIDU) said its core revenue grew 27% year over year in the second quarter, boosted by AI cloud growth of 71%. Baidu also announced the appointment of Herman Yu as Chief Strategy Officer. Yu will continue to serve as CFO until the appointment of a new CFO.

For second-quarter, adjusted earnings per ADS increased to RMB 15.41 from RMB 14.73, prior year. Adjusted net income was RMB 5.36 billion, up 5% from prior year.

Net loss to Baidu was RMB 583 million or RMB 1.70 per ADS compared to profit of RMB 3.58 billion or RMB 10.31 per ADS, prior year. Second quarter net loss included a RMB 3.1 billion fair value loss from long-term investments.

Total revenues increased to RMB 31.35 billion from RMB 26.03 billion, last year. Revenue from iQIYI was RMB 7.6 billion, an increase of 3%.

Baidu Core reported second-quarter non-GAAP net income of RMB 5.94 billion, up 5% from a year ago. Revenue from Baidu Core was RMB 24.0 billion, an increase of 27% year over year.

For the third quarter of 2021, Baidu expects revenues to be between RMB 30.6 billion and RMB 33.5 billion, representing a growth rate of 8% to 19% year over year, which assumes that core revenue will grow between 9% and 20%.

Read the original article on RTTNews ( https://www.rttnews.com/3218354/baidu-q2-adj-net-income-rises-issues-q3-guidance-names-herman-yu-chief-strategy-officer.aspx)

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