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Baidu (BIDU) shares fell as much as 11.6% on Tuesday after the company reported second-quarter revenue that declined 4% year-over-year to 31.3 billion yuan (approximately $4.62 billion) and diluted earnings per share that plunged 72% year-over-year to 5.74 yuan (approximately $0.85), both significantly missing analyst expectations.
Baidu's Q2 results fell short of analysts' expectations of RMB 31.95 billion in revenue and RMB 9.84 EPS, mainly due to its massive investments in artificial intelligence (AI) failing to yield quick returns, and the continued sluggishness of its traditional advertising business, with online marketing revenue down 19% year-over-year. Although its AI-driven core business grew by 25% year-over-year and its AI cloud business grew by 50%, the company's capital expenditure reached RMB 11.4 billion (approximately USD 1.68 billion), three times that of the same period last year.
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