Baidu reports stable 2016 revenue growth

Updated 2017-02-24 16:21:25 Xinhua

Chinese Internet giant Baidu reported stable revenue growth in 2016, helped in part by artificial intelligence (AI) upgrades to its various products.

The largest Chinese search engine raked in about 70.5 billion yuan (10.2 billion U.S. dollars) in 2016, up 11.9 percent year on year, according to a financial statement released Friday.

Baidu continued to see stable user growth for its search and map services, with its mobile payment business Baidu Wallet attracting 100 million users by the end of 2016, surging 88 percent compared with 2015.

The company's gross merchandise value for transaction services totalled 18.1 billion yuan last year, up 23 percent year on year.

The company's products, including search and newsfeed, have been upgraded by AI technology, according to Baidu board chairman and CEO Robin Li, who said AI will be an enormous opportunity to revolutionize the Internet and traditional sectors.

The AI pioneer is accelerating its pace in developing and investing in AI technologies, including investment in U.S. virtual reality firm 8i and the acquisition of Chinese smart home startup Raven Tech. It will also lead the development of a national engineering lab focused on research and application of deep learning-related technologies.

Baidu will continue to focus on improving user experience, particularly through investment in AI-enabled initiatives such as autonomous driving, financial services, and cloud-computing, according to Baidu chief financial officer Jennifer Li.

Baidu expects its revenue in the first quarter of 2017 to be between 16.5 and 17 billion yuan, up by 4.2 to 7.6 percent year on year.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 19 2017 21:12:10

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 19 2017 21:12:10

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 19 2017 21:12:10

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords