China's tech giant Baidu Inc reports second quarter earnings, beating analysts' estimates.
Total revenues were RMB 29.6 billion ($4.43 billion), decreasing 5% year over year. However, revenue at Baidu's AI Cloud unit grew 31% year-on-year in the past quarter.
Non-GAAP net income attributable to Baidu was RMB 5.5 billion ($827 million), increasing 3% year over year and 43% quarter over quarter.
"Despite a challenging macro environment caused by Covid-19, Baidu Core generated
Baidu continues to invest heavily in R&D. Baidu Core's R&D expenses account for more than 20% of Baidu Core's revenue for 7 consecutive quarters. Non-GAAP Baidu Core operating margin was 22%, up from 17% in last quarter.