Chinese tech giant Baidu, a latecomer in the smart speaker market, has reigned in domestic sales in China for two consecutive quarters, beating key competitors Alibaba and Xiaomi.
Baidu shipped 4.7 million units in the past quarter, registering whopping 3,775% year-on-year growth. Alibaba’s Tmall Genie and Xiaomi’s Mi AI speaker shipped 4.3 million and 3.4 million in the same period respectively, according to research firm Strategy Analytics.
The Beijing-based company’s stellar smart speaker shipment figure is good news amid increasing concerns among investors regarding the company’s business prospects. Baidu’s stock price plummeted from USD 234.88 to USD 94.35 in less than one year’s time. It is no longer among China’s top five internet companies based on market capitalization.