Chinese tech company Baidu reported Q4 earnings with net profits at $794mn, down 18% YoY while total revenues rose 5% YoY to $4.64bn. For the full year, revenues reached $16bn and net profits stood at $3.44bn. The company’s ‘AI cloud differentiating with AI solutions’ grew 67% YoY in Q4. While most businesses grew, their streaming affiliate, iQIYI, saw subscriber numbers fall by 3.1mn to 101.7mn. Cash and cash equivalents, restricted cash and short-term investments stood at CNY 162.9bn ($24.97bn) with free cash flows at CNY 3.8bn ($590mn). “Baidu ended 2020 on a solid note with our business benefiting from improving macroeconomic environment and the digitalization of industrial Internet. Our focus on innovation through technology is paying off with Baidu Core non-marketing revenue growing 52% year over year in the fourth quarter,” said Robin Li, Co-founder and CEO of Baidu. Baidu’s dollar bonds were marginally higher – their 2.375% 2030s up 0.5 to 100.81, yielding 2.28% and their 1.72% 2026s up 0.1 to 101.32, yielding 1.45%
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