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Baidu stock rose on Tuesday after the company reported revenue that was 15% higher than a year ago. Baidu jumped 4% to $131 but failed to reach previous resistance at $132.22, sending the price back below $129. Before the U.S. stock market opens, Baidu stock trades around the $128 level.
On Tuesday, the Chinese search engine and AI company beat second-quarter revenue projections. Businesses have started to raise their spending on digital ads after the COVID restrictions were eased in the country, with Baidu making the lion's share of its profit from advertising.
Another bright spot was a rise in the company's automated taxi service, which saw a jump of 149% in its robo-rides over the year. The company has now delivered over 3 million mechanical taxi rides.
However, the market's worries about the Jackson Hole Symposium and the slowdown in the Chinese economy are putting pressure on Baidu's stock.
However, the market's worries about the Jackson Hole Symposium and the slowdown in the Chinese economy are putting pressure on Baidu's stock. Suppose the price breakouts $125.55 support; it will open the door to $123.35 or the next target of $120.59.
On Tuesday, the Chinese search engine and AI company beat second-quarter revenue projections. Businesses have started to raise their spending on digital ads after the COVID restrictions were eased in the country, with Baidu making the lion's share of its profit from advertising.
Another bright spot was a rise in the company's automated taxi service, which saw a jump of 149% in its robo-rides over the year. The company has now delivered over 3 million mechanical taxi rides.
However, the market's worries about the Jackson Hole Symposium and the slowdown in the Chinese economy are putting pressure on Baidu's stock.
However, the market's worries about the Jackson Hole Symposium and the slowdown in the Chinese economy are putting pressure on Baidu's stock. Suppose the price breakouts $125.55 support; it will open the door to $123.35 or the next target of $120.59.
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