Baidu Earnings: We Think Baidu Is Bottoming Out Thanks to the AI Business; Search Remains a Drag

In the fourth quarter, Baidu's total revenue was down 4% year over year, but improved 5% sequentially. Baidu no longer reports traditional search revenue. Non-GAAP EBIT fell 41%, narrowing from the 69% in the third quarter, and grew 35% sequentially.