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, Baidus 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 Baidus technology advantage positions us to both enable and participate in the growth and transformation of Chinas
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, Baidus 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 Baidus 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 Baidus 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.
Jennifers leadership and expertise have been instrumental to Baidus 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 Baidus 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 Baidus ecosystem.
It has been my privilege to serve as Baidus 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 Baidus technology advantages with a wide range of industries.
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.