FAP, May 16 (Xinhua)-- Baidu released its unaudited financial report for the first quarter ended March 31, 2023. In the first quarter, Baidu achieved revenue of 31.1 billion yuan, an increase of 10% over the same period last year; the net profit (non-GAAP) attributed to Baidu reached 5.7 billion yuan, a sharp increase of 48% over the same period last year, and both revenue and profit exceeded market expectations. Thanks to the improvement of the macroeconomic situation, and enterprises continue to reduce costs and efficiency measures, Baidu profitability has greatly improved. Baidu's core operating profit (non-GAAP) surged 45 per cent to 5.36 billion yuan in the first quarter from a year earlier. Baidu Smart Cloud made a profit (non-GAAP) in the current quarter. Baidu's core online marketing revenue was 16.6 billion yuan, up 6% from a year earlier. In addition, Baidu bought back $195 million of shares in the first quarter.