Baidu, Inc. - BIDU STOCK NEWS

Baidu (NASDAQ:BIDU) has launched the Apollo Go Robotaxi service in Beijing, marking the first robotaxi service in China's capital. The service covers a vast area of around 700 kilometers with nearly 100 stations in key districts, making it a pioneer in the autonomous driving sector. Baidu is also the only company operating robotaxi services in multiple Chinese cities, including Changsha and Cangzhou. The company aims to further the commercial application of autonomous driving technology and expand its fleet, which has completed over 519,000 kilometers of road tests in Beijing.

Baidu (NASDAQ:BIDU) launched its Apollo Go Robotaxi service in Cangzhou, Hebei, marking the first robotaxi rollout in downtown China. This initiative expands coverage to 55 stations, including key public areas. Previously, Baidu introduced robotaxi services in Changsha, Hunan, in April 2020. The Cangzhou launch follows extensive testing and aims to enhance autonomous driving accessibility, supported by a human operator in each vehicle for safety. Cangzhou's strategic location and investment in intelligent network technology facilitate this initiative, with Baidu's Apollo platform encompassing 500 autonomous vehicles and over 1,800 driving patents.

Rosen Law Firm has initiated an investigation into Baidu (NASDAQ: BIDU) for potential securities claims related to misleading business information. This follows iQIYI's announcement that the SEC has requested financial and operational records dating back to January 2018, linked to allegations from Wolfpack Research. On August 14, 2020, Baidu's ADS price dropped by $7.83, or 6%, closing at $116.74, as a result of this news. The law firm is preparing a class action lawsuit to recover losses for affected investors.

Baidu, Inc. (NASDAQ: BIDU) reported its second quarter financial results for 2020, revealing total revenues of RMB 26.0 billion (USD 3.69 billion), down 1% year-over-year. Operating income increased significantly to RMB 3.6 billion (USD 516 million), reflecting a 1,464% increase compared to the previous year. Adjusted EBITDA margin improved to 27%. Baidu Core's adjusted EBITDA margin hit 41%, driven by strong growth in AI businesses. The company returned US$540 million to shareholders and raised the share repurchase program to US$3 billion. Guidance for Q3 2020 expects revenue between RMB 26.3 billion and RMB 28.7 billion.

Baidu, Inc. (NASDAQ: BIDU) will report its Q2 2020 financial results on August 13, 2020, after the U.S. market closes. The earnings conference call is scheduled for 9:15 PM ET on the same day. Pre-registration is required to access the call, and a webcast will be available live and archived on Baidu’s investor relations website. Baidu continues to be a significant player in the internet and AI sectors, aiming to simplify complex technology interactions for users.

Baidu App has launched a naming selection campaign for China's first Mars rover, recently launched as part of the Tianwen-1 mission. Users can submit naming ideas until August 12, with 500 million monthly active users expected to participate. The campaign aims to engage the public while providing interactive content about the mission. Noteworthy figures, including astronauts and celebrities, have contributed name suggestions. This partnership with the China National Space Administration further emphasizes Baidu's role in promoting scientific knowledge and engagement regarding space exploration.

Robin Li, CEO of Baidu (NASDAQ: BIDU), outlined his vision for AI at the World Artificial Intelligence Conference (WAIC) on July 9, 2020. He emphasized the role of new infrastructure in transforming industries and highlighted Baidu's commitment to providing open-source AI platforms. Li believes AI is in the second of three developmental stages, with significant applications in healthcare and finance. Baidu plans to deploy 5 million intelligent cloud servers by 2030 and foster AI expertise growth. Additionally, Baidu's ERNIE framework received the SAIL award, further solidifying its position in natural language processing.

Baidu, Inc. (NASDAQ:BIDU) plans to significantly enhance investments in cloud computing, AI education, AI platforms, chipsets, and data centers over the next decade. The ambitious goal includes deploying 5 million intelligent cloud servers by 2030 and training 5 million AI professionals within five years. This project is part of Baidu's strategy to bolster China's 'New Infrastructure' initiative, which aims to drive economic development through advanced technologies like AI and cloud computing. Baidu also leads in AI patents and provides extensive AI services across multiple industries.