Baidu $BIDU reported an impressive EPS beat on August 30, 2022, as the stock tests Ascending TriangleAn ascending triangle chart pattern is a chart pattern used in technical analysis that is characterized by a flat upper trend line... resistance.
Baidu Announces Second Quarter 2022 Results
On August 30, 2022, Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) announced its unaudited financial results for the second quarter ended June 30, 2022. Baidu reported Q2 EPS of $2.36 versus the consensus estimate of $1.63. The company reported Q2 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $4.43B versus the consensus estimate of $4.45B.
“Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter,” said Robin Li, Co-founder, and CEO of Baidu. “Apollo Go further solidified its position as the world’s largest autonomous ride-hailing service provider. Apollo Go completed 287K rides in the second quarter and accumulated one million rides on July 20, becoming an important alternative means of people’s everyday travel in the Yizhuang region of Beijing. Moreover, in a momentous landmark, Apollo Go became the first provider to offer fully driverless ride-hailing services – i.e. completely without human drivers present in the car – on open roads in Chongqing and Wuhan, allowing us to further scale up our operations at an accelerated pace.”
“Baidu Core delivered a non-GAAP operating margin of 22% in the second quarter, up from 17% in the first quarter of 2022, as we continued to optimize our costs and enhance operational efficiency,” said Rong Luo, CFO of Baidu. “Going forward, we remain committed to quality revenue growth and sustainable business models.”
Baidu announces first integrated superconducting quantum computer.
On August 25, 2022, Baidu announced its first superconducting quantum computer that fully integrates hardware, software, and applications. On top of this, Baidu also introduced the world’s first all-platform quantum hardware-software integration solution that provides access to various quantum chips via mobile app, PC, and cloud. Launched at Quantum Create 2022, a quantum developer conference held in Beijing, this new offering paves the way for the industrialization of quantum computing.
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📈 Baidu $BIDU Chart Technical Analysis
Baidu $BIDU is in a technical uptrend, with short-term indicators suggesting a continuation of the uptrend.