Baidu.com Inc. (BIDU), a Chinese AI and internet company, reported Monday lower profit in first quarter hurt by weak revenues.
Looking ahead, Robin Li, Co-founder and CEO of Baidu, said, "We see AI driving even greater value for Baidu in the quarters ahead."
In pre-market activity on Nasdaq, the shares were gaining around 2.6 percent, trading at $138.88.
In the first quarter, net income attributable to Baidu was RMB3.45 billion or $499 million, compared to prior year's RMB7.72 billion.
Earnings per ADS was RMB8.76 or $1.27, lower than prior year's RMB21.59.
Adjusted net income attributable to Baidu was RMB4.33 billion or $628 million. Adjusted earnings per ADS were RMB12.06 or $1.75.
Adjusted EBITDA was RMB6.0 billion or $863 million and adjusted EBITDA margin was 19 percent.
Revenue dropped 2 percent to RMB32.08 billion or $4.65 billion from prior year's RMB32.45 billion.
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