Baidu posts 5th straight revenue decline amid weak Chinese demand
Business
Baidu just posted its fifth straight quarter of falling revenue, dropping 4% year-over-year to 31.3 billion yuan ($4.6 billion) during the second quarter of the year.
The main reason? Chinese consumers are spending less, which has hit Baidu's ad-based search business pretty hard.
Baidu AI revenue up 25%
On the upside, Baidu's AI business is on fire: revenue there jumped 25% to 12.5 billion yuan.
Even as overall profits slipped and China's economy slows down, CEO Robin Li says he's optimistic that AI will power Baidu's future growth.