{"id":26570,"date":"2024-05-16T09:00:00","date_gmt":"2024-05-16T09:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4416163_CN16163_0"},"modified":"2024-05-16T09:00:00","modified_gmt":"2024-05-16T09:00:00","slug":"baidu-announces-first-quarter-2024-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=26570","title":{"rendered":"Baidu Announces First Quarter 2024 Results"},"content":{"rendered":"\n

BEIJING<\/span><\/span>, May 16, 2024<\/span><\/span> \/PRNewswire\/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2024<\/span>.<\/p>\n

"Baidu Core’s online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said Robin Li<\/span>, Co-founder and CEO of Baidu. "As a new era of Gen-AI unfolds in China<\/span>, foundation models like ERNIE will serve as the underlying infrastructure, infusing various facets of people’s lives. We are making our ERNIE family of models increasingly affordable and efficient. This should provide Baidu with even greater opportunities ahead."<\/p>\n

"In the first quarter of 2024, Baidu Core’s non-GAAP operating margin expanded both year-over-year and quarter-over-quarter to 23.5%. We have established a track record of consistently improving operational efficiency. In the coming quarters, we will execute on what is needed to optimize our operational efficiency in support of our AI enabled businesses and high-quality growth, and maintain a healthy non-GAAP operating margin," said Rong Luo, CFO of Baidu.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

First Quarter 2024 Financial Highlights<\/b>[1]<\/sup><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n\n

Baidu, Inc.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(In millions except per <\/span><\/p>\n<\/td>\n

\n

Q1<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Q4<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Q1<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

ADS, unaudited)<\/span><\/p>\n<\/td>\n

\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2024<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

YOY<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

QOQ<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

RMB<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/p>\n<\/td>\n

\n

US$<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Total revenues<\/b><\/span><\/p>\n<\/td>\n

\n

31,144<\/span><\/p>\n<\/td>\n

<\/td>\n\n

34,951<\/span><\/p>\n<\/td>\n

<\/td>\n\n

31,513<\/span><\/p>\n<\/td>\n

\n

4,365<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(10 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Operating income <\/b><\/span><\/p>\n<\/td>\n

\n

4,980<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,392<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,484<\/span><\/p>\n<\/td>\n

\n

760<\/span><\/p>\n<\/td>\n

<\/td>\n\n

10 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2 %<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating income (non-GAAP) [2]<\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

6,428<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7,075<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6,673<\/span><\/p>\n<\/td>\n

\n

924<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(6 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income to Baidu<\/b><\/span><\/p>\n<\/td>\n

\n

5,825<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2,599<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,448<\/span><\/p>\n<\/td>\n

\n

755<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(6 %)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

110 %<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income to Baidu (non-GAAP) [2]<\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

5,727<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7,755<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7,011<\/span><\/p>\n<\/td>\n

\n

971<\/span><\/p>\n<\/td>\n

<\/td>\n\n

22 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(10 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Diluted earnings per ADS<\/b><\/span><\/p>\n<\/td>\n

\n

15.92<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6.77<\/span><\/p>\n<\/td>\n

<\/td>\n\n

14.91<\/span><\/p>\n<\/td>\n

\n

2.07<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(6 %)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

120 %<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Diluted earnings per ADS (non-GAAP) [2] <\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

16.10<\/span><\/p>\n<\/td>\n

<\/td>\n\n

21.86<\/span><\/p>\n<\/td>\n

<\/td>\n\n

19.91<\/span><\/p>\n<\/td>\n

\n

2.76<\/span><\/p>\n<\/td>\n

<\/td>\n\n

24 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(9 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Adjusted EBITDA [2]<\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

8,145<\/span><\/p>\n<\/td>\n

<\/td>\n\n

9,057<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8,244<\/span><\/p>\n<\/td>\n

\n

1,142<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(9 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA margin <\/b><\/span><\/p>\n<\/td>\n

\n

26 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

26 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

26 %<\/i><\/span><\/p>\n<\/td>\n

\n

26 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\n

Baidu Core<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Q1<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Q4<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Q1<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

(In millions, unaudited)<\/span><\/p>\n<\/td>\n

\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2024<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

YOY<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

QOQ<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

RMB<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/p>\n<\/td>\n

\n

US$<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Total revenues <\/b><\/span><\/p>\n<\/td>\n

\n

22,998<\/span><\/p>\n<\/td>\n

<\/td>\n\n

27,488<\/span><\/p>\n<\/td>\n

<\/td>\n\n

23,803<\/span><\/p>\n<\/td>\n

\n

3,297<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(13 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Operating income<\/b><\/span><\/p>\n<\/td>\n

\n

4,091<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,668<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,538<\/span><\/p>\n<\/td>\n

\n

629<\/span><\/p>\n<\/td>\n

<\/td>\n\n

11 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(3 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating income (non-GAAP)<\/b> [2]<\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

5,363<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6,197<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,586<\/span><\/p>\n<\/td>\n

\n

774<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(10 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income to Baidu Core<\/b><\/span><\/p>\n<\/td>\n

\n

5,513<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2,440<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,150<\/span><\/p>\n<\/td>\n

\n

713<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(7 %)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

111 %<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income to Baidu Core (non-GAAP) [2]<\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

5,268<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7,500<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6,628<\/span><\/p>\n<\/td>\n

\n

918<\/span><\/p>\n<\/td>\n

<\/td>\n\n

26 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(12 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Adjusted EBITDA [2]<\/sup><\/b><\/span><\/p>\n<\/td>\n

\n

7,003<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8,118<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7,118<\/span><\/p>\n<\/td>\n

\n

986<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(12 %)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA margin <\/b><\/span><\/p>\n<\/td>\n

\n

30 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

30 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

30 %<\/i><\/span><\/p>\n<\/td>\n

\n

30 %<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n
\n

[1]<\/sup> Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2203 as of March 29, 2024, as
set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are
provided solely for the convenience of the reader. <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

[2]<\/sup> Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details). <\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Operational Highlights <\/b><\/p>\n

Corporate<\/i><\/p>\n