Baidu tops estimates as it swings to a profit

Chinese search engine operator Baidu
BIDU,
+4.34%
said it swung to a profit of 5.83 billion yuan while revenue rose 10% to 28.41 billion yuan. In dollar terms, its adjusted earnings were $2.34 on revenue of $4.54 billion. Analysts polled by FactSet expected earnings of $1.76 on revenue of $4.32 billion. The company said its non-GAAP operating margin for its core operations rose to 23% from 17%. The company said it would invest “unwaveringly” in generative artificial intelligence after launching its ERNIE Bot in China.