Baidu's net profit surges in first quarter despite COVID-19

0 Comment(s)Print E-mail Xinhua, May 24, 2020
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China's leading search engine and AI technology firm Baidu reported that its non-GAAP net profit skyrocketed 219 percent year-on-year to 3.1 billion yuan (about 437 million U.S. dollars) in the first quarter (Q1) of 2020 despite the adverse impact of the COVID-19 epidemic.

The total revenue of the Nasdaq-listed company stood at 22.5 billion yuan in Q1, down 7 percent from the same period in the previous year, according to its latest financial report.

Daily active users of Baidu App, the company's mobile news feed and search app, reached 222 million in March, increasing by 28 percent year on year.

The company has also seen its artificial intelligence programs lend technological support to help battle the epidemic. In Q1, Baidu arranged for over 100 Apollo-powered robotaxis in 17 cities such as Wuhan, Beijing and Shanghai to transport medical supplies and food, as well as providing body temperature tests or disinfection services.

Apollo, an open platform launched by Baidu in 2017, aims at coordinating cross-sector efforts in autonomous driving.

With the recovery of offline activities as the epidemic is gradually contained, the company is also eying better performance, said Robin Li, chairman and CEO of Baidu. 

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