Baidu (NASDAQ:BIDU) stock is sliding as the company reported its latest quarterly earnings results, which included a strong revenue for the period.

The company said that for its third quarter of fiscal 2018, it brought in revenue of RMB 28.2 billion ($4.05 billion), which marked a 27% increase compared to the year-ago quarter. Its net income attributable to the company soared 56% year-over-year, reaching a whopping RMB 12.4 billion ($1.74 billion).

Baidu added that its non-GAAP net income attributable to the brand surged 47% compared to the year-ago quarter, reaching RMB 6.7 billion ($960 million). “We are seeing strong traffic and revenue growth from feed in Baidu App and replicating this formula to develop other feed apps, such as Haokan, our short-video app,” said Herman Yu, CFO of Baidu.

“Baidu delivered a solid third quarter with impressive results from search, feed and new AI businesses. Feed revenue has been a bright spot in driving Baidu’s revenue growth due to robust user traffic growth, as well as strong traction with Baidu’s video offerings,” said Robin Li, Chairman and CEO of Baidu.

“On the AI side, DuerOS continues to see strong adoption with an installed base reaching 141 million and voice queries surpassing 800 million in September 2018. On Apollo, we are gaining valuable L4 operational experience, with fully autonomous Apolong minibuses powered by Apollo running in over 10 locations.”

BIDU stock is down about 0.1% after the bell Tuesday afternoon as the company reported its latest quarterly earnings results late in the day, which were stronger than they were during the year-ago quarter. Baidu shares had been up about 0.9% during regular trading hours in anticipation of the company’s results.