Baidu.com Inc. (BIDU), a Chinese AI and internet company, reported Tuesday a loss in its third quarter, compared to prior year's profit, amid weak revenues.
In the quarter, net loss attributable to Baidu was RMB11.23 billion or $1.58 billion, compared to profit of RMB7.63 billion a year ago.
Loss per ADS was RMB33.88 or $4.76, compared to prior year's profit of RMB21.60.
Adjusted net income attributable to Baidu was RMB3.77 billion or $530 million, compared to RMB5.89 billion a year earlier. Adjusted earnings per ADS was RMB11.12 or $1.56, compared to RMB16.60 last year.
Adjusted EBITDA was RMB4.43 billion or $622 million, down 49 percent from RMB8.73 billion a year ago. Adjusted EBITDA margin dropped to 14 percent from 26 percent last year.
Total revenues also declined 7 percent to RMB31.17 billion or $4.38 billion from prior year's RMB33.56 billion.
Revenue from Baidu Core was RMB24.7 billion or $3.46 billion, down 7 percent year-over-year.
Revenue from AI-powered businesses grew over 50 percent year-over-year to roughly RMB 10 billion in the third quarter, laying a solid foundation for sustainable long-term growth.
In pre-market activity on Nasdaq, Baidu shares were trading at $114.68, up 0.50 percent.
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