Baidu reports higher revenue on lower profit for fiscal 2016 ZDNet

Chinese internet giant Baidu has released its fiscal 2016 results, reporting operating profit of 10.04 billion yuan, a 13.9 percent decrease from the year prior, on revenue of 70.5 billion yuan, up 6.3 percent from fiscal 2015. Mobile revenue represented 63 percent of total revenue in 2016, up from 2015's 53 percent, while online marketing revenues for the year reached 64.5 billion yuan, a 0.8 percent increase from 2015. Earnings before interest, taxation, depreciation, and amortisation (EBITDA) in fiscal 2016 was 15.8 billion yuan, down 5.2 percent from 2015, while operating cashflow stood at 22.2 billion yuan. In its full year and fourth quarter results, Baidu chair and CEO Robin Li said that the company is well-positioned to lead China's growth in artificial intelligence (AI), based on its technology, data, and talent pool. "Our existing platform, including our search and newsfeed products, are enhanced by AI and enriched by our content and services ecosystem," Li said.