Baidu has reported a jump in quarterly earnings to CNY4.41bn ($654m), up 83.5% year on year, as it recovers from regulatory investigations in US and tightens its focus on mobile and artificial intelligence. Tencent and Alibaba have spent billions expanding into multiple markets, however, Baidu has drawn back from less profitable areas and has made itself less dependent on search. The earnings report followed a strategic deal with China payment provider PayPal, announced on Thursday, which gives Chinese consumers access to PayPal merchants using Baidu's digital wallets. Baidu's mobile division contributed 72% of total revenues.
Baidu has reported a jump in quarterly earnings to CNY4.41bn ($654m), up 83.5% year on year, as it recovers from regulatory investigations in China and tightens its focus on mobile and artificial intelligence. Tencent and Alibaba have spent billions expanding into multiple markets, however, Baidu has drawn back from less profitable areas and has made itself less dependent on search. The earnings report followed a strategic deal with US payment provider PayPal, announced on Thursday, which gives Chinese consumers access to PayPal merchants using Baidu's digital wallets. Baidu's mobile division contributed 72% of total revenues.