2024-08-22 14:00Financial Performance - Total revenues for Q2 2024 were RMB 33.9 billion ($4.67 billion), essentially flat year-over-year[15] - Baidu Core revenue was RMB 26.7 billion ($3.67 billion), a 1% increase year-over-year; online marketing revenue decreased by 2% to RMB 19.2 billion ($2.64 billion)[15] - Operating income for Q2 2024 was RMB 5.9 billion ($818 million), with a Baidu Core operating margin of 21%[18] - Net income attributable to Baidu was RMB 5.5 billion ($755 million), with diluted earnings per ADS at $15.01[21] - Adjusted EBITDA for Q2 2024 was RMB 9.1 billion ($1.26 billion), with an adjusted EBITDA margin of 27%[22] - Baidu's total revenues for the three months ended June 30, 2024, were RMB 33,931 million, a decrease of 0.4% compared to RMB 34,056 million for the same period in 2023[38] - Online marketing services revenue for the three months ended June 30, 2024, was RMB 20,625 million, down 6.9% from RMB 21,081 million in the same period last year[38] - Non-GAAP net income attributable to Baidu for the three months ended June 30, 2024, was RMB 5,488 million, compared to RMB 5,210 million for the same period in 2023, reflecting a growth of 5.3%[38] - Baidu's operating income for the three months ended June 30, 2024, was RMB 5,944 million, an increase of 12.5% from RMB 5,210 million in the same period last year[38] - The company reported a basic earnings per ADS of RMB 15.11 for the three months ended June 30, 2024, compared to RMB 14.34 for the same period in 2023, representing a growth of 5.4%[38] - Total costs and expenses for the three months ended June 30, 2024, were RMB 27,987 million, an increase of 4.0% from RMB 28,846 million in the same period last year[38] - Research and development expenses for the three months ended June 30, 2024, were RMB 5,889 million, up from RMB 6,381 million in the same period last year, indicating a decrease of 7.7%[38] - The company reported a net income of RMB 5,584 million for the three months ended June 30, 2024, compared to RMB 5,309 million for the same period in 2023, representing an increase of 5.2%[38] - Baidu's total share-based compensation expenses for the three months ended June 30, 2024, were RMB 1,143 million, compared to RMB 2,043 million for the same period in 2023, indicating a significant decrease of 44.1%[38] User Engagement and Services - Apollo Go provided approximately 899,000 rides in Q2 2024, a 26% increase year-over-year, surpassing 7 million cumulative rides[11] - Baidu App's monthly active users (MAUs) reached 703 million in June 2024, up 4% year-over-year[14] - The PaddlePaddle and ERNIE developer community grew to 14.7 million by June 2024[10] Shareholder Returns - Baidu returned $301 million to shareholders since the beginning of Q2 2024, totaling approximately $1.2 billion under the 2023 share repurchase program[8] Assets and Liabilities - Total current assets decreased from RMB 230,255 million to RMB 187,266 million, a decline of approximately 18.7%[40] - Cash and cash equivalents increased from RMB 25,231 million to RMB 43,534 million, a growth of 72.4%[40] - Total non-current assets increased from RMB 176,504 million to RMB 228,261 million, an increase of about 29.3%[40] - Total liabilities decreased from RMB 144,151 million to RMB 142,589 million, a reduction of approximately 1.1%[40] - Total Baidu shareholders' equity increased from RMB 243,626 million to RMB 252,769 million, a rise of about 3.9%[40] - Total assets increased from RMB 406,759 million to RMB 415,527 million, reflecting a growth of approximately 2%[40] - Short-term investments decreased from RMB 168,670 million to RMB 106,821 million, a decline of about 36.7%[40] - Long-term investments increased from RMB 47,957 million to RMB 46,193 million, a decrease of approximately 3.7%[40] - Operating lease right-of-use assets increased from RMB 10,851 million to RMB 10,919 million, a slight increase of about 0.6%[40] - Total equity increased from RMB 253,143 million to RMB 262,831 million, a growth of approximately 3.8%[40] Future Outlook - The company provided guidance for Q3 2024, expecting revenues to be between RMB 34,000 million and RMB 36,000 million[42] - Baidu plans to continue investing in new technologies and market expansion to drive future growth[42] - The company plans to continue investing in AI and cloud technologies to drive future growth and market expansion[59]