"The company's third-quarter revenue fell 7.1% from a year earlier to 31.2 billion yuan as earnings from online advertising, a pillar of its core business, dropped 18% year-on-year to 15.3 billion yuan, according to its latest financial report released Tuesday. Its net loss for the quarter was 11.2 billion yuan, a U-turn from a profit of 7.6 billion yuan a year ago."
"Baidu Inc. reported its biggest quarterly revenue decline on record and an unexpected net loss as advertising demand remained weak, casting a shadow over the Chinese tech giant's investments artificial intelligence (AI), autonomous driving and semiconductors. The revenue decline came as Baidu has increased investments in AI, robotaxis and chips, which the company sees as key drivers of its future growth."
Baidu Inc.'s third-quarter revenue fell 7.1% year-on-year to 31.2 billion yuan. Earnings from online advertising dropped 18% year-on-year to 15.3 billion yuan, weakening the company's core business. The company recorded a net loss of 11.2 billion yuan for the quarter, reversing from a 7.6 billion yuan profit in the prior year. Advertising demand remained weak, contributing to the revenue shortfall. The revenue decline coincided with increased investments in artificial intelligence, robotaxis, and semiconductor chips. The company views those investments as key drivers of future growth but faces near-term financial pressure from lower ad revenue and higher spending.
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