Baidu posts better-than-expected results on AI, cloud demand

China’s Baidu Inc beat analysts’ estimates for quarterly revenue and adjusted profit on Wednesday, helped by stronger demand for its artificial intelligence (AI) and cloud products.

Baidu, called China’s Google, has forayed into AI, cloud and autonomous driving to supplement its core search business that has been pressured by competition and a regulatory crackdown. Last year, it launched robotaxi services in Beijing.

“Baidu Core delivered another solid quarter, powered by our AI cloud revenue growing 73% year-over-year,” said Rong Luo, chief financial officer of Baidu.

Baidu’s U.S.-listed shares, which have slumped 21% this year, were up 1.4% at $173.8 premarket.