Summary by Futu AI
On November 21, 2024, Baidu announced its Q3 2024 financial results, highlighting a 14% YoY increase in net income to RMB7.6 billion ($1.09 billion). Total revenues decreased by 3% YoY to RMB33.6 billion ($4.78 billion), with Baidu Core's revenue remaining flat at RMB26.5 billion ($3.78 billion). The AI Cloud business drove a 12% YoY increase in non-online marketing revenue.Baidu's operating income was RMB5.9 billion ($844 million), with a stable operating margin of 18%. The company emphasized cost control, maintaining Baidu Core's operating margin at 21%. AI Cloud and Apollo Go, Baidu's autonomous ride-hailing service, showed significant growth, with Apollo Go providing 988K rides in Q3 2024, a 20% YoY increase.Baidu's cash and short-term investments totaled RMB144.5 billion ($20.59 billion) as of September 30, 2024. The company returned $161 million to shareholders in Q3 2024, totaling $1.4 billion under its 2023 share repurchase program. Baidu remains committed to its AI-focused strategy, anticipating long-term growth.
