Summary by Futu AI
Baidu Group (stock code: 9888) announced unaudited financial results for the first quarter of 2024. The report showed that for the three months ended March 31, 2024, total revenue was RMB315 billion, up 1% year-on-year. Baidu's core business revenue grew 4% year-on-year to RMB238 billion, with online marketing revenue up 3% and non-online marketing revenue up 6%, driven primarily by its smart cloud business. Marvel's revenue decreased by 5% year-over-year. Operating profit was RMB55 billion, up 10% year-on-year. Under non-recognized accounting criteria, Baidu's core operating margin was 23.5%, indicating an improvement in operating efficiency. Baidu co-founder and CEO Li Yanhong said that the company will continue to optimize its AI technology stack to drive smart cloud revenue growth. ROJON, CHIEF...Show More