Baidu, Inc. - BIDU STOCK NEWS

Baidu, a prominent AI company, reported its unaudited financial results for Q2 2022, revealing total revenues of RMB 29.6 billion ($4.43 billion), a 5% decline year-over-year. Baidu Core generated RMB 23.2 billion ($3.46 billion) in revenue, down 4%, impacted by Covid-19. However, Baidu AI Cloud grew 31% year-over-year. Net income attributable to Baidu reached RMB 3.6 billion ($543 million), with diluted earnings per ADS at RMB 9.97 ($1.49). Operating margin improved to 22%. Apollo Go solidified its leadership in autonomous ride-hailing, completing 287K rides in Q2.

Baidu has received permits to operate fully driverless robotaxi services in China, making it the first company to do so publicly without human drivers. Authorized to collect fares in Chongqing and Wuhan, these services will operate during the day in designated areas. This milestone indicates a significant advancement in China's autonomous driving landscape, recognized by regulators. Baidu's Apollo Go has become the world's largest robotaxi service, reaching over one million orders in total.

Baidu, Inc. (Nasdaq: BIDU) will announce its financial results for Q2 2022 on August 30, 2022, before U.S. market opens. An earnings conference call will take place at 8:00 AM ET on the same day. Participants must pre-register to obtain the dial-in information. The call will be accessible via a live and archived webcast on Baidu's investor relations website. This announcement marks the company's ongoing engagement with investors as it continues to navigate the evolving AI landscape.

Baidu, Inc. (NASDAQ: BIDU) showcased major advancements at its annual technology conference, Baidu World 2022, held on July 21, 2022. Highlights included the launch of the world's first large-scale AI model for aerospace, developed with China Aerospace, enhancing research efficiency. The upgraded Kaiwu 2.0 platform aims to drive AI adoption across various industries, while the Apollo RT6 autonomous vehicle is set to offer driverless taxi services at reduced costs. The event emphasized Baidu's commitment to technological innovation and its role in the AI landscape.

Baidu has unveiled its next-generation autonomous vehicle, the Apollo RT6, designed for complex urban environments and featuring a detachable steering wheel. With a production cost of 250,000 RMB (approx. $37,000), Apollo RT6 aims to enhance Baidu's Apollo Go ride-hailing service, set to expand to tens of thousands of units across China. The vehicle boasts L4 autonomous driving capability, 1200 TOPS of computing power, and advanced sensor architecture. Baidu has completed over 32 million kilometers in testing, positioning itself as the world's largest robotaxi service provider.

Baidu, Inc. (NASDAQ: BIDU) will host its annual Baidu World conference virtually on July 21, 2022, focusing on the theme of Deepening AI innovation for social growth. The event will highlight Baidu's advancements in autonomous driving, AI Cloud, and large-scale AI models. Key announcements include a new large-scale AI model tailored for a specific industry and an update to the Kaiwu platform, which has rapidly gained market share in China's industrial Internet sector. Baidu's Apollo Go platform, having provided 196,000 rides, is set for expanded robotaxi deployment.

On June 8, 2022, JIDU, a joint venture of Baidu and Geely, unveiled its concept robocar ROBO-01, marking a significant step toward the era of autonomous vehicles. The car features a futuristic design and state-of-the-art technology, including a 3D borderless screen, zero-gravity seating, and advanced AI capabilities. JIDU claims the ROBO-01 is 90% similar to its upcoming production model, set to launch in fall 2022. The robocar is equipped with sophisticated autonomous driving technology, boasting extensive testing across urban environments in China.

Baidu, Inc. (NASDAQ: BIDU) has announced its annual general meeting of shareholders to be held on June 28, 2022, at 9:00 a.m. local time at Baidu Campus in Beijing. The record date to determine eligible shareholders is set for May 27, 2022. No proposals will be submitted for shareholder approval during the meeting. Baidu has also filed its annual report for the year ending December 31, 2021, with the SEC, which can be accessed on its investor relations website.