Home / Technology / Baidu sees 2017 revenue climb 20 percent, eyes iQiyi IPO

Baidu sees 2017 revenue climb 20 percent, eyes iQiyi IPO

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Baidu has reported a 20 p.c year-on-year building up in earnings for its fiscal 2017, ended December 30, and unveiled plans to listing its on-line video subsidiary iQiyi in america.

It wrapped up the yr with US$13.03 billion (84.eight billion yuan) in earnings, with cell contributing 73 p.c of the overall determine, up from 63 p.c in 2016. Running benefit climbed 56 p.c to hit US$2.41 billion (15.7 billion yuan) , mentioned the Chinese language seek corporate.

For the fourth quarter of 2017, Baidu noticed revenues climb 29 p.c year-on-year to US$three.62 billion (23.6 billion yuan), whilst running benefit grew 12 p.c to hit US$734 million (four.eight billion yuan). Cellular drove 76 p.c of general earnings for the quarter, up from 65 p.c the similar quarter in 2016.

In its observation, Baidu mentioned its on-line video subsidiary iQiyi had filed a draft registration for a proposed IPO in america, however added that it had but to decide the selection of depository stocks to supply. It mentioned it could stay iQiti’s controlling shareholder after the of entirety of the proposed IPO.

Baidu CFO Herman Yu mentioned its fourth-quarter effects had exceeded its personal steering and, in 2018, would proceed the corporate’s solution to “go out non-core companies” and building up investments in its cell and synthetic intelligence (AI) companies.

This, Yu mentioned, would “sow the seed” for Baidu’s long term enlargement in self sustaining riding and conversational AI, in particular, in houses.

Baidu CEO and Chairman Robin Li added: “In 2017, Baidu sharpened its strategic center of attention. We bolstered our control staff and constructed robust momentum by means of adopting AI-first in our cell companies and making an investment in new AI companies. As we input 2018, we will be able to proceed to fortify Baidu’s seek industry, gasoline feed’s enlargement and differentiate iQiyi with AI.”

The corporate underscored the significance of its self sustaining riding platform Apollo and DuerOS, which supported chatbots and voice-assist methods. It launched Apollo 2.zero in January and unveiled an upgraded model of DuerOS 2.zero.

Baidu mentioned it deliberate to determine a US$1.five billion (10 billion yuan) Apollo fund to spend money on self sustaining riding and power the platform’s ecosystem.

Remaining yr, the corporate spent US$1.99 billion (12.nine billion yuan) on analysis and construction (R&D).

In keeping with Baidu, its first-quarter 2018 earnings was once anticipated to extend between 25 p.c and 32 p.c year-on-year to achieve between US$three.05 billion and US$three.22 billion (19.86 billion yuan and 20.97 billion yuan).

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