Baidu revenue tops estimates, search giant announces CFO transition

China’s Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.

Baidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company’s chief strategy officer and will continue to serve as CFO until a successor is appointed.

Demand for the company’s rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.