Chinese search engine Baidu Inc. (NASDAQ: BIDU) on Tuesday reported fourth-quarter revenue and earnings that beat analysts’ estimates.
The company said sales climbed 29 percent to RMB 23.56 billion ($3.62 billion) in the quarter ended December 31, 2017, beating analysts’ estimates of RMB $23.053 billion, according to the Thomson Reuters survey.
"In 2017, Baidu sharpened its strategic focus. We strengthened our management team and built strong momentum by adopting AI-first in our mobile businesses and investing in new AI businesses," said Robin Li, Chairman and CEO of Baidu. "As we enter 2018, we will continue to strengthen Baidu's search business, fuel feed's growth and differentiate iQIYI with AI. We also look forward to further strengthening our position in autonomous driving and conversational AI, on top of the strong progress that we have made with Apollo and DuerOS in 2017."
Baidu is exploring new revenue streams in the recent years. The company had invested into new projects like artificial intelligence, self-driving cars and video streaming.
The company sold its Deliveries and mobile games businesses last quarter to better focuses on new AI and self-driving cars.
The company also plans to a listing of its popular video streaming service iQiyi, in order to compete with Tencent Holdings Ltd and Alibaba Group Holding Ltd in online video content.