Baidu Inc. reported its core revenue in the second quarter rose by 27% from last year, driven by a 71% increase of AI cloud services, according to a report by Baidu on Thursday.
The Chinese search engine giant posted a net loss of $90 million for the quarter. Loss per American depositary share was CNY 1.70 compared to earnings per ADS of CNY 10.31 prior year.
The company recorded a fair value loss of CNY 3.1 billion from long-term investments in Q1, attributable to mark-to-market adjustment on Kuaishou Technology compared with a Q1 gain of CNY 23.7 billion.
Revenue increased 20% to CNY 31.35 billion as its core business improved 27% to CNY 24.0 billion.
Online marketing revenue expanded 18% to CNY 19.0 billion, as non-online marketing revenue soared 80% to CNY 5.0 billion, driven partly by AI cloud services. Baidu is looking to invest in different industries in transforming them with AI and support the 2030 goal to become carbon neutral.