Baidu announced on November 21, 2024 unaudited financial results for the third quarter ended September 30, 2024. Total revenue was RMB33.6 billion, down 3% year-on-year; operating profit was RMB5.9 billion, down 6% year-on-year. However, net profit attributable to Baidu reached RMB7.6 billion, up 14% year-on-year, and diluted earnings per US depositary share were RMB21.60, an increase of 19% year-on-year.Management noted that despite the weakness of the online marketing business, the growth of the smart cloud business offset this impact. Baidu's core operating profit margin has remained stable, and its intelligent driving business Radish Sprint continues to lead the global market for driverless travel services. Baidu co-founder and CEO Li Yen-hong said that in the face of short-term pressures, the...Show More

Baidu announced on November 21, 2024 unaudited financial results for the third quarter ended September 30, 2024. Total revenue was RMB33.6 billion, down 3% year-on-year; operating profit was RMB5.9 billion, down 6% year-on-year. However, net profit attributable to Baidu reached RMB7.6 billion, up 14% year-on-year, and diluted earnings per US depositary share were RMB21.60, an increase of 19% year-on-year.Management noted that despite the weakness of the online marketing business, the growth of the smart cloud business offset this impact. Baidu's core operating profit margin has remained stable, and its intelligent driving business Radish Sprint continues to lead the global market for driverless travel services. Baidu co-founder and CEO Li Yen-hong said that in the face of short-term pressures, the company remains committed to an AI-centric strategy and is confident in long-term development.Looking ahead, Baidu will continue to focus on expanding AI, exploring its potential in innovation and value creation. The company's continued focus on cost control laid the foundation for third-quarter results and achieved greater cost efficiencies across business segments. The further development of the smart cloud and autonomous driving business will be key drivers of future growth.