Baidu Inc continues to grow and invest in R&D

Chinese tech giant Baidu Inc reported its total revenue rose 1 percent year-on-year to 28.4 billion yuan ($4.48 billion) in the first quarter of this year, while its non-GAAP (generally accepted accounting principles) net profit stood at 3.9 billion yuan.

The company continues to invest heavily in research and development, as their R&D expense came in at 5.6 billion yuan, an increase of 10 percent on a yearly basis.

"Baidu delivered solid first quarter results, especially with regard to our cloud and intelligent driving businesses," said Robin Li, co-founder and CEO of Baidu.

"Since mid-March, our business has been negatively impacted by the recent COVID-19 resurgence in China. Although challenges related to the virus continue to pressure our near-term business operations, we remain confident that our new AI businesses will boost the long-term growth of Baidu and contribute to China's innovation-driven economy and sustainable development," Li added.

Apollo Go, Baidu's autonomous ride-hailing service has provided 196,000 rides in the first quarter, and is now available in ten cities including Beijing, Shanghai, Guangzhou, Shenzhen and Chongqing.

In April, Baidu was granted the permits to provide driverless robotaxis, which allows the removal of a safety operator from the driver's seat on public roads for the first time in a designated area of 60 square kilometers in Yizhuang, a southern suburb of Beijing. It also received the first permits in Chongqing to conduct driverless testing last week.