Baidu, Inc. (NASDAQ: BIDU) reported a sharp increase in adjusted earnings for the fourth quarter of 2022 when its revenues remained broadly unchanged.
Total revenues of the China-based technology company were unchanged year-over-year at RMB33.1 billion ($4.8 billion) in the December quarter. The Baidu app had 648 million monthly active users at the end of the quarter, which is up 4% year-over-year.
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Fourth-quarter adjusted earnings moved up to RMB15.25 per ADS ($2.21 per ADS) from RMB11.6 per ADS in the corresponding period of fiscal 2021. On an unadjusted basis, net income was RMB13.59 per ADS ($1.97 per ADS), compared to RMB4.51 per ADS last year.
