Baidu (BIDU) Q1 2016 Earnings

Baidu (BIDU) CEO Robin Li said mobile is now more than half of the company’s revenue

“Mobile grew particularly well this quarter and hit a new milestone, contributing 60% of total revenue, off the back of improving search monetization capabilities driven by product and technology innovation.”

Getting into the financial services industry

“Nuomi and Takeout Delivery also continue to observe increased share of orders completed with Baidu Wallet. With our vast distribution platform, merchant network and unparalleled data and technology capabilities, Baidu is uniquely positioned to play a transformative role in financial services.  Baidu Wallet also gained strength with activated Baidu Wallet accounts growing in the quarter from 53 million at end of 2015 to 65 million at the end of Q1 2016.”

One of the reasons for the recent success of Baidu wallet is because it’s integrated into the Baidu platform as the default

“I think the Baidu Wallet user base continue to grow and we do take advantage of the consumption scenarios that happens on the Baidu platform and the majority of the transactions on Baidu Nuomi and a growing part of other services are using the Baidu Wallet. So, the Baidu Wallet is really built on top of the Baidu consumption scenario and help us build the data, the closed-loop services for our customers.”

Baidu (BIDU) CEO Robin Li believes the car is the next large computing platform and is planning a car by 2020

“Deep learning will be one of Baidu’s key technology advantages, as we move forward in autonomous driving. We believe that automobile is the next major computing platform and that advances and innovation will happen quickly, especially here in China, where the problems that autonomous driving addresses are so pronounced. We are aggressively beefing up our R&D efforts in this area, both here in China and at our U.S. R&D center in Silicon Valley.  Baidu’s returns in high definition mapping and in deep learning-powered computer vision will prove to be decisive advantages and we are on track now to deploy autonomous vehicles powered by Baidu technology in 2018, with production at scale by 2020.”

Baidu (BIDU) CEO Robin Li believes the company is the leading Chinese artificial intelligence company

“We have invested in AI for many, many years. We believe we are leading in this sector not only in China, but around the world. This enables us to do disruptive things like autonomous driving. And it’s kind of early for us to talk about this model because right now our focus is to solve those technical problems; the first to make that autonomous driving fully autonomous.”