Summary by Futu AI
Baidu, Inc. (NASDAQ: BIDU), a leading AI company, announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported a slight year-over-year increase in total revenues to RMB 31.5 billion ($4.37 billion), with Baidu Core revenues growing by 4% to RMB 23.8 billion ($3.30 billion). The growth was primarily driven by the AI Cloud business, which saw a 6% increase in non-online marketing revenue. Baidu's operating income rose by 10% to RMB 5.5 billion ($760 million), and net income attributable to Baidu was RMB 5.4 billion ($755 million), a 6% decrease year-over-year. However, non-GAAP net income saw a 22% increase to RMB 7.0 billion ($971 million). The company's adjusted EBITDA remained stable at 26% margin, while Baidu Core's non-GAAP operating margin expanded to 23.5%. Baidu also highlighted its AI Cloud advancements and the growth of its autonomous ride-hailing service, Apollo Go, which provided 826K rides in Q1 2024. The company's ESG report was released, detailing sustainability initiatives, and Baidu returned US$229 million to shareholders under the 2023 share repurchase program. The earnings call was scheduled for May 16, 2024.