Baidu Inc. (NASDAQ:BIDU) shares are trading higher in premarket today. The tech company unveiled an upgraded version of its AI model, Ernie 4.0 Turbo, on Friday as part of its strategy to stay competitive in China’s rapidly evolving AI market. The launch follows the release of Ernie 4 in October 2023, which Baidu claimed was on par with OpenAI’s GPT-4 in terms of capabilities, reported Reuters. The new model will be available to the public through web and mobile app interfaces. Developers can integrate the technology through Baidu’s Qianfan AI platform, Wang Haifeng, Baidu’s Chief Technology Officer, stated at a corporate event. Since its launch, Ernie has amassed 300 million u

Snap Inc (NYSE:SNAP) is investing in artificial intelligence and machine learning to enhance Snapchat, CEO Evan Spiegel said, aiming to make the app more engaging.  Recognizing the need to catch up in machine learning, Spiegel has organized senior machine learning experts to strategize on achieving state-of-the-art advancements.  This shift follows years dedicated to revamping Snapchat’s advertising business, a transformation now beginning to show positive results, Bloomberg reports. Under Spiegel’s leadership, Snapchat has changed significantly and has adapted to evolving social media usage and advertising demands.  These efforts included focusing on personalized content like ar

Baidu, Inc (NASDAQ: BIDU) reported a fiscal first-quarter 2024 revenue growth of 1% year-on-year to $4.37 billion, beating the analyst consensus estimate of $4.32 billion.  Baidu's adjusted earnings per ADS of $2.76 beat the analyst consensus estimate of $2.30. Segments: Baidu's Core revenue increased 4% year over year to $3.30 billion; Online marketing revenue improved 3% year over year to $2.36 billion. Non-online marketing revenue grew 6% year over year to $935 million, driven by the AI Cloud business.  Revenue from IQIYI, Inc. (NASDAQ:IQ) decreased 5% year over year to $1.10 billion, beating the analyst consensus estimate of $1.08 billion.  Baidu's SG&A expenses were $745 mil

Daniel Ek, the co-founder of Spotify Technology SA (NYSE:SPOT), has recently sold 650,000 company shares through two transactions, marking a significant increase in stock sales compared to previous years.  The series of sales, valued at about $179 million, represents Ek’s strategic financial planning despite still holding a 7% stake in Spotify, a significant component of his $4.4 billion net worth.  Spotify’s stock has risen significantly, increasing by 267% since late 2022, according to Bloomberg report.  Ek’s move aligns with broader trends of tech billionaires like Michael Dell and Jeff Bezos reducing their stakes after substantial share price increases. Outside his role at Sp

Snap Inc. (NYSE:SNAP) shares are skyrocketing in the premarket session on Friday. Yesterday, the company reported its first-quarter financial results with quarterly earnings of 3 cents per share, beating the analyst consensus estimate of a loss of 5 cents per share. Adjusted EBITDA was $46 million, compared to $1 million in the prior year. While reporting quarterly results, Snap highlighted new tools, including new Creative Templates, the ability to post longer videos, and access to AI-powered AR Lens creation. The company said it onboarded over 1,500 Snap Stars in the quarter, which has helped generate quarter-over-quarter growth in Story posts, Spotlight posts, and Stories time

On Tuesday, Spotify Technology SA (NYSE:SPOT) reported fiscal first-quarter 2024 revenue of $3.95 billion (3.64 billion euros), up 20% year-on-year, beating the consensus of $3.85 billion. EPS of $1.05 (97 cents) beat the consensus of $0.70. Analysts offered their takes on the stock. J.P. Morgan analyst Doug Anmuth maintained Spotify with an Overweight and raised the price target from $320 to $365. Spotify is the largest pure-play audio streaming service and is both driving and benefitting from the ongoing secular shift from transaction-based to access-based streaming models, according to the analyst. Gross margin strength is driven by music & marketplace gains, podcast improvement,

Spotify Technology SA (NYSE:SPOT) reported fiscal first-quarter 2024 revenue growth of 20% year-on-year to €3.64 billion ($3.95 billion), beating the consensus of $3.85 billion. EPS of €0.97 ($1.05) beat the consensus of $0.70. Premium Revenue grew 20% year over year to €3.25 billion, helped by subscriber additions and ARPU increases.  Total MAUs (Monthly Active Users) rose 19% Y/Y to 615 million , which missed its guidance by 3 million. A "moderated marketing activity" led to "more normalized growth" following 2023's record performance, the Variety cites Spotify.  The lower-than-expected MAU growth also came amid "organizational change," referring to Spotify's December 2023 layoffs

A high-profile bill that aims to dismantle TikTok's U.S. operations is affecting social media stocks. What Happened: At last check on Thursday: Meta Platforms Inc (NASDAQ:META) is up 1.4% Snap Inc (NYSE:SNAP), whose app Snapchat presents significant overlap in user base with TikTok, saw its shares rise by 6.1% Global X Social Media ETF (NASDAQ:SOCL) is also up by 1.7%. The bill was already approved by the House of Representatives last month. Since then, it has reportedly been fast-tracked through Congress and lumped into an aid package bill for Ukraine, Israel and Taiwan. House representatives are scheduled to vote on the package this Saturday. If approved, the legisla

Keybanc analyst Justin Patterson maintained Spotify Technology SA (NYSE:SPOT) with an Overweight rating and raised the price target from $300 to $350. Spotify will report its first-quarter fiscal 2024 results before the market opens on April 23. Patterson refined his estimates and framed vital factors to watch.  The analyst now expects 2024 revenue of €15.4 billion and 2025 revenue of €18.0 billion, which reflects slightly higher ARPU growth. His 2024 operating profit decreases by 20% due to social charges, while 2025 increases by 2% due to higher revenue.  Finally, Patterson introduced 2026 revenue of €20.6 billion and an operating profit of €2.2 billion, which assumes 14% revenue

Florida is implementing new measures to keep children and teenagers away from social media. What Happened: Florida Gov. Ron DeSantis signed a bill Monday that bans the use of social media platforms for children 13 or under. The legislation also requires parental permission for those that are between the ages of 14 and 15. The bill passed the Florida legislature earlier this month with bipartisan support. For social media giants like Meta Platforms Inc (NASDAQ:META), parent company of Instagram and Facebook, as well as Beijing-based TikTok owner Bytedance, it’s bad news. Bytedance is already facing massive scrutiny from the federal government under a bill that could force the comp