Baidu Inc BIDU is trading lower Thursday despite announcing better-than-expected second-quarter financial results. Chinese stocks are lower amid COVID-19 fears and continued regulatory concerns.
Baidu reported quarterly adjusted earnings of $2.39 per share, which beat the estimate of $2.07 per share. The company reported quarterly revenue of $4.855 billion, which beat the estimate of $4.78 billion and represented a 27% increase year over year.
"Baidu Core delivered another strong quarter, powered by the fast growth of our new AI business. We are excited about the opportunities to help different industries transform their business with AI and support our goal to become carbon neutral by 2030," said Robin Li, co-founder and CEO of Baidu.
Baidu operates the largest internet search engine in China.
Price Action: Baidu has traded as high as $354.82 and as low as $115.59 over a 52-week period.
At last check Thursday, the stock was down 3.75% at $158.76.
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