(Baidu Inc.) Baidu Inc. reported a net loss of RMB583million or $90 million in the second quarter, down from RMB 3.6 billion profit in the same period last year.
The Beijing-based tech company announced a 20% increase in second quarter revenue to RMB31.4billion or US$4.8 billion from the revenue reported in the same period last year.
Baidu Core revenue in the second quarter grew to RMB24 billion or US$3.7 billion, from RMB18.9 billion in the same period last year following a market growth in the AI cloud business.
Baidu core business reported a decrease in the net income to RMB172 million from RMB4.4 billion in the second quarter of last year.
The company bought back US$566 million shares year to date in the 2020 share repurchase program, with the cumulative share repurchase coming to $2.5 billion since last year.
Baidu Core expects its full-year revenue to grow at a rate of between 9%-20%, with the third quarter group’s revenue expected to stand between RMB30.6 billion and RMB33.5 billion.
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