BIDU(09888)2024-05-16 09:00Revenue Performance - Total revenue for Q1 2024 was RMB 31,513 million (USD 4,365 million), a 1% year-over-year increase but a 10% quarter-over-quarter decrease[3] - Baidu Core's revenue for Q1 2024 was RMB 23,803 million (USD 3,297 million), a 4% year-over-year increase but a 13% quarter-over-quarter decrease[4] - Total revenue for Q1 2024 was RMB 31.5 billion (USD 4.37 billion), a 1% year-over-year increase[7] - Baidu Core revenue was RMB 23.8 billion (USD 3.30 billion), a 4% year-over-year increase, driven by a 6% increase in non-online marketing revenue[7] - Baidu's total revenue for Q1 2024 was RMB 31.513 billion (USD 4.365 billion), compared to RMB 31.144 billion in Q1 2023 and RMB 34.951 billion in Q4 2023[14] - Baidu's total revenue for Q1 2024 reached RMB 31.513 billion, a 1% increase year-over-year[18] - Baidu Core revenue for Q1 2024 was RMB 23.803 billion, up 4% year-over-year[18] - iQIYI's revenue for Q1 2024 decreased by 5% year-over-year to RMB 7.927 billion[18] Profitability Metrics - Operating profit for Q1 2024 was RMB 5,484 million (USD 760 million), up 10% year-over-year and 2% quarter-over-quarter[3] - Non-GAAP operating profit margin for Baidu Core reached 23.5% in Q1 2024, showing both year-over-year and quarter-over-quarter growth[2] - Adjusted EBITDA for Q1 2024 was RMB 8,244 million (USD 1,142 million), with a consistent margin of 26% year-over-year[3] - Baidu's non-GAAP net income attributable to Baidu Core for Q1 2024 was RMB 6,628 million (USD 918 million), a 26% year-over-year increase[4] - Baidu Core's operating profit margin was 19%, and non-GAAP operating profit margin was 23%[7] - Net income attributable to Baidu was RMB 5.4 billion (USD 755 million), with a Baidu Core net profit margin of 22%[8] - Adjusted EBITDA for Baidu Core was RMB 7.1 billion (USD 986 million), with an adjusted EBITDA margin of 30%[8] - Non-GAAP operating profit for Q1 2024 was RMB 5.484 billion (USD 760 million), up from RMB 4.980 billion in Q1 2023 and RMB 5.392 billion in Q4 2023[14] - Net income attributable to Baidu for Q1 2024 was RMB 5.448 billion (USD 755 million), compared to RMB 5.825 billion in Q1 2023 and RMB 2.599 billion in Q4 2023[14] - Baidu's operating profit for Q1 2024 was RMB 5.484 billion, with an operating profit margin of 17%[18] - Baidu's net income attributable to the company for Q1 2024 was RMB 5.448 billion, a 110% increase year-over-year[18] - Baidu Core's non-GAAP operating profit for Q1 2024 was RMB 5,586 million, a 4% increase year-over-year[19] - Baidu Core's non-GAAP net profit attributable to Baidu for Q1 2024 was RMB 6,628 million, a 26% increase year-over-year[19] - Baidu Core's adjusted EBITDA for Q1 2024 was RMB 7,118 million, a 2% increase year-over-year[19] - Baidu Core's non-GAAP operating profit margin for Q1 2024 was 23%, consistent with the previous quarter[19] - Baidu Core's non-GAAP net profit margin for Q1 2024 was 28%, a 1% increase year-over-year[19] - Baidu Core's adjusted EBITDA margin for Q1 2024 was 30%, consistent with the previous quarter[19] - Baidu's operating profit for Q1 2024 was RMB 4,538 million for Baidu Core and RMB 945 million for iQIYI, totaling RMB 5,484 million[21] - Non-GAAP operating profit for Q1 2024 was RMB 5,586 million for Baidu Core and RMB 1,086 million for iQIYI, totaling RMB 6,673 million[21] - Adjusted EBITDA for Q1 2024 was RMB 7,118 million for Baidu Core and RMB 1,125 million for iQIYI, totaling RMB 8,244 million[21] - Net income attributable to Baidu for Q1 2024 was RMB 5,150 million for Baidu Core and RMB 655 million for iQIYI, totaling RMB 5,448 million[21] - Non-GAAP net income attributable to Baidu for Q1 2024 was RMB 6,628 million for Baidu Core and RMB 844 million for iQIYI, totaling RMB 7,011 million[21] - The increase in non-GAAP operating profit was primarily due to lower share-based compensation expenses and intangible asset amortization and impairment[21] - The increase in non-GAAP net income was driven by adjustments for share-based compensation, intangible asset amortization, and impairment, as well as gains from disposals and long-term investments[21] - The non-GAAP adjustments also included the impact of taxes on non-GAAP adjustments, which amounted to RMB 280 million[21] Cash Flow and Financial Position - Baidu repurchased USD 229 million worth of shares in Q1 2024, with cumulative repurchases under the 2023 plan reaching USD 898 million[4] - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 191.8 billion (USD 26.56 billion) as of March 31, 2024[8] - Baidu's total assets as of March 31, 2024 were RMB 414.697 billion (USD 57.435 billion), up from RMB 406.759 billion as of December 31, 2023[16] - Cash and cash equivalents as of March 31, 2024 were RMB 30.418 billion (USD 4.213 billion), compared to RMB 25.231 billion as of December 31, 2023[16] - Short-term investments as of March 31, 2024 were RMB 149.781 billion (USD 20.744 billion), down from RMB 168.670 billion as of December 31, 2023[16] - Long-term investments as of March 31, 2024 were RMB 46.947 billion (USD 6.502 billion), down from RMB 47.957 billion as of December 31, 2023[16] - Goodwill as of March 31, 2024 remained unchanged at RMB 22.586 billion (USD 3.128 billion) compared to December 31, 2023[16] - Baidu's total liabilities increased to RMB 146.934 billion as of March 31, 2024, up from RMB 144.151 billion at the end of 2023[17] - Baidu's total equity increased to RMB 257.857 billion as of March 31, 2024, compared to RMB 253.143 billion at the end of 2023[17] - Baidu Core's operating cash flow for Q1 2024 was RMB 5,284 million, a 5% increase year-over-year[20] - Baidu Core's free cash flow for Q1 2024 was RMB 3,268 million, a 5% increase year-over-year[20] - Baidu Core's cash, cash equivalents, and restricted cash at the end of Q1 2024 were RMB 36,964 million, a 14% increase year-over-year[20] - Baidu Core's capital expenditures for Q1 2024 were RMB 2,016 million, a 45% decrease year-over-year[20] User and Developer Metrics - Baidu's autonomous driving service, Luobo Kuaipao, provided approximately 826,000 rides in Q1 2024, a 25% year-over-year increase[6] - Baidu's PaddlePaddle platform has attracted 13 million developers as of mid-April 2024[5] - Baidu App's monthly active users reached 676 million in March 2024, a 3% year-over-year increase[7] - Hosted page revenue accounted for 50% of Baidu Core's online marketing revenue in Q1 2024[7] Expenses and Costs - R&D expenses decreased by 1% to RMB 5.4 billion (USD 742 million), partially offset by increased server depreciation and rack fees for generative AI development[7] - Baidu's R&D expenses for Q1 2024 were RMB 5.363 billion, a 1% decrease year-over-year[18] - Baidu's sales and marketing expenses for Q1 2024 were RMB 5.375 billion, a 4% decrease year-over-year[18] - Baidu's cost of revenue for Q1 2024 was RMB 15.291 billion, a 1% increase year-over-year[18] - Total equity-based compensation expenses for Q1 2024 were RMB 1.143 billion (USD 159 million), down from RMB 1.638 billion in Q4 2023 and RMB 1.389 billion in Q1 2023[15] Earnings Per Share - Diluted earnings per ADS for Q1 2024 were RMB 14.91 (USD 2.07), up from RMB 6.77 in Q4 2023 and RMB 15.92 in Q1 2023[15] - Diluted earnings per ADS for Q1 2024 were RMB 14.91[22] - Non-GAAP diluted earnings per ADS for Q1 2024 were RMB 19.91[22] Technology and Innovation - Baidu launched multiple lightweight large language models in Q1 2024, making the Ernie series more cost-effective[5]