Baidu, Inc. (NASDAQ: BIDU) noted its shares jump Tuesday, following its unaudited financial results for the third quarter ended September 30, 2023.
Total revenues were RMB 34.4 billion ($4.72 billion U.S.), increasing 6% year over year. Cost of revenues was RMB 16.3 billion ($2.23 billion U.S.), which remained essentially unchanged compared to the same period last year.
Selling, general and administrative expenses were RMB 5.8 billion ($792 million U.S.), increasing 11% year over year, primarily due to an increase in channel spending and promotional marketing expenses.
Research and development expenses were RMB 6.1 billion ($836 million U.S.), increasing 6% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support ERNIE Bot research inputs.
Total other income, net was RMB 1.9 billion ($261 million U.S.), compared to total other loss, net of RMB 4.8 billion for the same period last year, mainly due to: (1) a recognition of RMB 338 million gain versus RMB 3.1 billion loss for the same period last year from fair value changes in long-term investments; and (2) a decrease in impairment of long-term investments by RMB 1.4 billion.
BIDU shares climbed $3.37, or 3%, to $114.66.