Baidu Swings To Profit In Q2

Baidu.com Inc. (BIDU), Chinese internet and artificial intelligence major, on Tuesday posted a turnaround to profit for the second quarter. The results reflected a sharp decline in tax expenses. Revenue however slipped from last year.

For the quarter ended in June, the Beijing-headquartered firm posted a profit of RMB 3.63 billion or RMB 1.25 per share, compared with a loss of RMB 583 million or RMB 0.21 per share a year ago.

Net earnings per ADS were at RMB 9.97, versus loss of RMB 1.70 per ADS, on year-on-year basis.

Excluding items, income climbed to RMB 5.54 billion from RMB 5.35 billion a year ago. Adjusted income per ADS was at RMB 15.79, higher than RMB 15.41 per ADS of last year period.

Income before income taxes stood at RMB 3.55 billion, higher than RMB 1.03 billion of previous year quarter.

Income tax expense fell to RMB 25 million from RMB 2.19 billion a year ago, due to the reversal of certain tax expenses accrued for 2021.

Operating profit moved down to RMB 3.40 billion, versus RMB 3.46 billion, recorded for the second quarter of 2021.

Excluding items, EBITDA totaled at RMB 7.05 billion, compared with RMB 7.29 billion, recorded for previous fiscal quarter.

Baidu registered total revenues of RMB 29.64 billion, compared with RMB 31.35 billion of last year period.

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