6-K
BAIDU, INC. filed this Form 6-K on 04/28/2017
Entire Document
 
EX-99.1

Exhibit 99.1

Baidu Announces First Quarter 2017 Results

BEIJING, China, April 27, 2017 – Baidu, Inc. (NASDAQ: BIDU) (“Baidu” or the “Company”), the leading Chinese language Internet search provider, today announced its unaudited financial results for the first quarter ended March 31, 20171.

“As we move into 2017, Baidu’s strategic evolution from a mobile-first to an AI-first company continues to gain momentum,” said Robin Li, Chairman and CEO of Baidu. “While our investment in AI is a long-term proposition, we are already seeing the powerful benefits of AI bear fruit across our existing platform. With AI set to play an increasingly important role across all major industries, we are confident that Baidu’s technology advantage positions us to both enable and participate in the growth and transformation of China’s AI-powered industries.”

“We are pleased to report solid performance in the first quarter, as we focused on our core business and AI-enabled new business initiatives including our AI-cloud, financial services, DuerOS, and autonomous driving, all of which hold tremendous long-term potential,” said Qi Lu, Baidu’s Vice Chairman, Group President and Chief Operating Officer. “In the quarters ahead, we will intensify our efforts in applying AI to improve existing products and to accelerate the development of AI-enabled new business initiatives.”

“We continue to be on the path of rebuilding, with a clear focus on long term sustainable growth,” said Jennifer Li, CFO of Baidu. “During the quarter, we worked to further align Baidu’s business operations by folding Nuomi into our core business. Looking ahead, we will continue to drive higher operational efficiency and invest in AI to elevate our core business and develop high potential AI-enabled new business initiatives.”

Baidu today also announced that Jennifer Li is taking on the role to form Baidu Capital, an investment firm, and serve as its CEO. Jennifer intends to step down as Baidu’s chief financial officer, a position she has served in for nine years, following the appointment of a successor to ensure a seamless transition of her responsibilities.

“Jennifer’s leadership and expertise have been instrumental to Baidu’s growth over the past nine years. I am grateful to Jennifer for putting in place a talented finance organization and robust systems that lay the groundwork for Baidu’s next stage of growth,” said Robin Li. “Bringing AI to real-world applications is crucial in the AI era and I look forward to working with Jennifer in her new role to grow Baidu’s ecosystem.”

“It has been my privilege to serve as Baidu’s chief financial officer during a period of transformational growth,” said Jennifer Li. “With a clear vision and strategy in place, Baidu has a bright future as a leader in the coming AI era. As CEO of Baidu Capital I look forward to applying my broad industry experiences and insights to help bridge Baidu’s technology advantages with a wide range of industries.”

 

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This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8832 to US$1.00, the effective noon buying rate as of March 31, 2017, in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.