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Baidu.com Posts Q1 Profit

Baidu.com Inc. (BIDU) Monday reported first-quarter net income of RMB41 million or RMB0.02 per share, compared with net loss of RMB327 million or RMB0.98 per share in last year's first quarter.

Excluding items, Baidu.com reported adjusted earnings of RMB3.08 billion or RMB8.84 per share for the period, compared with RMB967 million or RMB2.77 per share.

The company's revenue for the quarter dropped 7% to RMB222.55 billion from RMB24.12 billion last year.

"Despite shelter-in-place in the first quarter, Baidu's total revenues declined just 7% year-over-year, resulting from our diversified revenue streams, including marketing services for wide-ranging industries, new AI businesses and iQIYI. With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy." said Robin Li, Co-founder and CEO of Baidu.

"In March, a month after the peak of COVID-19 new cases, Baidu's traffic remained robust with Baidu App DAUs reaching 222 million, up 28% year over year, in-app search queries up 45% and feed time spent up 51%. Our strategy to strengthen Baidu's mobile ecosystem and promote in-app search has resulted in users increasingly come to Baidu for critical and reliable information."

Looking forward to the second quarter, Baidu expects revenues to be between RMB25.0 billion and RMB27.3 billion, representing a growth rate of -5% to 4% year over year.

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