BIDU stock rose early Tuesday, after Chinese internet giant Baidu (BIDU) reported earnings and sales ahead of expectations for its third quarter.
For the three months ending Sept. 30, Baidu said it earned an adjusted $2.80 per share, ahead of analysts expectations of $2.39 per share, according to FactSet. Meanwhile, sales climbed 6% year over year to RMB 34.4 billion ($4.7 billon), topping expectations of RMB 34.2 billion.
In premarket trading on the stock market today, American-listed BIDU stock was up 1.2% at 112.65 in recent action.
BIDU Stock: AI Push
Baidu, which operates the second-largest search engine in the world, said average monthly active users for its app reached 663 million in September, up 5% from the same period last year. Online advertising revenue climbed 5% in local currency, totaling $2.7 billion.
In October, Baidu launched the latest version of it Ernie artificial intelligence chatbot. The company credited its AI efforts with helping its results for the quarter. AI tools have been integrated within Baidu's consumer and enterprise products.
Price Momentum
BIDU is trading in the middle of its 52-week range and below its 200-day simple moving average.
What does this mean?
Investors are still evaluating the share price, but the stock still appears to have some downward momentum. This is a neutral sign for the stock's future value.
For the three months ending Sept. 30, Baidu said it earned an adjusted $2.80 per share, ahead of analysts expectations of $2.39 per share, according to FactSet. Meanwhile, sales climbed 6% year over year to RMB 34.4 billion ($4.7 billon), topping expectations of RMB 34.2 billion.
In premarket trading on the stock market today, American-listed BIDU stock was up 1.2% at 112.65 in recent action.
BIDU Stock: AI Push
Baidu, which operates the second-largest search engine in the world, said average monthly active users for its app reached 663 million in September, up 5% from the same period last year. Online advertising revenue climbed 5% in local currency, totaling $2.7 billion.
In October, Baidu launched the latest version of it Ernie artificial intelligence chatbot. The company credited its AI efforts with helping its results for the quarter. AI tools have been integrated within Baidu's consumer and enterprise products.
Price Momentum
BIDU is trading in the middle of its 52-week range and below its 200-day simple moving average.
What does this mean?
Investors are still evaluating the share price, but the stock still appears to have some downward momentum. This is a neutral sign for the stock's future value.
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