Shares of Baidu (NASDAQ:BIDU) are trading around 2% higher early in pre-market on Tuesday, after the company reported its latest quarterly results.
For Q3, the Chinese internet giant posted EPS of RMB20.40, noticeably above the analyst estimate of RMB17.11. Revenue for the quarter came in at RMB34.45 billion, also narrowly beating the consensus estimate of RMB34.3 billion. Adjusted EBITDA margin stood at 28%
Throughout the quarter, the company repurchased $126M worth of shares, bringing the total repurchase under the current share buyback to $351M.
Robin Li, Baidu's CEO and Co-founder, called the results "solid" and said the company demonstrated "resilience in a challenging economic climate."
He also provided update on Baidu's AI initiatives, noting they "launched ERNIE 4.0, our most powerful foundation model," and "fully opened ERNIE API to cloud enterprises."
"Our AI-centric business and product strategy should set the stage for sustained multi-year revenue and profit expansion within our ERNIE and ERNIE Bot ecosystem," Li added.
Shares of BIDU are trading around $114 in pre-market on Tuesday, over 2% higher than yesterday's closing price of $111.29.