Baidu, Inc. - BIDU STOCK NEWS

Baidu reported its Q3 2021 financial results, showing total revenues of RMB 31.9 billion ($4.95 billion), up 13% year-over-year. Baidu Core revenues increased by 15% to RMB 24.7 billion ($3.83 billion). However, the company faced a net loss of RMB 16.6 billion ($2.57 billion), largely due to a non-cash loss in long-term investments. Operating income dropped 63% to RMB 2.3 billion ($358 million). The AI Cloud revenue saw a notable growth of 73% year-over-year. Baidu anticipates Q4 revenues between RMB 31 billion and RMB 34 billion, reflecting a growth rate of 2% to 12% year-over-year.

Baidu, Inc. announced an extraordinary general meeting (EGM) of shareholders on December 7, 2021, at 9 a.m. Beijing time. The meeting will consider adopting a new Chinese name and amended articles of association. The record date for voting rights is November 5, 2021, for both Class A and Class B ordinary shares. Shareholders must provide voting instructions to The Bank of New York Mellon for American Depositary Shares. Detailed information about the EGM is available on Baidu's website.

Baidu, Inc. has appointed Rong Luo as its new chief financial officer, effective immediately. Luo brings substantial experience, having served as CFO at TAL Education Group and held key roles at eLong, Lenovo, and Microsoft. Baidu's CEO, Robin Li, expressed confidence that Luo’s expertise will enhance the company's growth in the AI sector. This leadership change aims to strengthen Baidu's position in the evolving technology landscape.

Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888) is set to release its financial results for Q3 2021 on November 17, 2021, prior to the U.S. market opening. The earnings conference call will take place at 7:30 AM EST on the same day, with a registration link provided for participants. An archived webcast will also be available on the company's investor relations website. Baidu continues to position itself as a leading AI company, aiming to simplify complex processes through technology.

Baidu, Inc. (NASDAQ:BIDU) and China Gas Holdings Ltd. have signed a strategic cooperation agreement to enhance digital transformation in the energy sector. Valued at RMB 936 million, Baidu will assist China Gas in migrating to the cloud, utilizing AI for applications like smart monitoring and gas usage prediction. The partnership aims to support carbon emissions reduction and promote AI technologies for public benefit. Both companies will establish a Digital Technology Committee and develop advanced management systems, enhancing efficiency and creating a business ecosystem.

DeepWay, backed by Baidu, has launched the Xingtu, a new smart energy heavy-duty truck. The truck boasts over 500 TOPS computing power and can detect objects over 1 kilometer away. This marks Baidu's venture into the global freight market. Xingtu is designed for L3 self-driving on highways with plans for L4 capabilities by 2026. Key features include a custom 450kWh battery, a wind resistance coefficient of 0.35, and a quick battery swap solution. Aiming for R&D and manufacturing growth, DeepWay seeks to commercialize L4 autonomous technology in China’s freight industry.

Baidu has launched public testing of its Apollo Go robotaxi service in Shanghai, marking its fifth city of operation. This service features 150 stations for convenient access across the city, operating daily from 9:30 a.m. to 11:00 p.m. The company recently expanded Apollo Go to Tongzhou District in Beijing, with routes covering over 31 miles. An IHS report highlights that robotaxis could dominate China's future mobility market, making up over 60% and exceeding $201 billion by 2030.

Baidu announced that Xiaodu Technology secured Series B financing, reaching a $5.1 billion post-money valuation. Xiaodu, launched in 2018, has become the world's largest smart-display provider by shipments, growing significantly in the smart hardware market. The company reported that services revenue now constitutes over 10% of its total revenue, with advancements in DuerOS technology enhancing IoT integration. Baidu remains the super majority shareholder post-transaction, following a $2.9 billion Series A in November 2020.

Baidu, Inc. (Nasdaq: BIDU) has priced a public offering of $1 billion in notes, comprising $300 million in 1.625% notes due 2027 and $700 million in 2.375% notes due 2031. The offering, expected to generate net proceeds of approximately $990 million, will be used for general corporate purposes, including debt repayment and financing of eligible projects under its Sustainable Finance Framework. The joint bookrunners include Goldman Sachs, BofA Securities, and J.P. Morgan.