2025-05-21 20:00Financial Performance - Baidu's total revenues for Q1 2025 were RMB 32.5 billion ($4.47 billion), representing a 3% year-over-year increase[4]. - Baidu Core revenue grew 7% year-over-year to RMB 25.5 billion ($3.51 billion), driven by a 42% surge in AI Cloud revenue[3][6]. - Net income attributable to Baidu increased by 42% year-over-year to RMB 7.7 billion ($1.06 billion), with diluted earnings per ADS rising 45% to RMB 21.59 ($2.98)[4][16]. - Total revenues for the three months ended March 31, 2025, were RMB 32,452 million (approximately US$4,472 million), representing a decrease of 2% from RMB 33,124 million in the previous quarter[32]. - Online marketing services revenue was RMB 17,306 million (approximately US$2,385 million), a decline of 6% compared to RMB 18,490 million in the previous quarter[32]. - Non-GAAP net income attributable to Baidu for the three months ended March 31, 2025, was RMB 7,717 million (approximately US$1,063 million), an increase of 48% from RMB 5,192 million in the previous quarter[32][29]. - Non-GAAP diluted earnings per ADS for the three months ended March 31, 2025, was US$2.98, up from US$2.26 in the previous quarter[30]. - Operating income for the three months ended March 31, 2025, was RMB 4,508 million (approximately US$621 million), a decrease from RMB 5,484 million in the previous quarter[32]. - Baidu's operating income for Q1 2025 was RMB 4,164 million, showing a 14.1% increase from RMB 3,638 million in Q4 2024[36]. - The adjusted EBITDA for Baidu in Q1 2025 reached RMB 6,712 million, up from RMB 6,516 million in Q4 2024, reflecting a growth of 3.0%[36]. - Baidu's adjusted EBITDA margin for Q1 2025 was approximately 59.5%, compared to 59.0% in Q4 2024, showing a slight improvement[36]. Cash and Investments - Baidu's cash, cash equivalents, and short-term investments amounted to RMB 142.0 billion ($19.57 billion) as of March 31, 2025[18]. - Total current assets increased to RMB 175,829 million (approximately US$24,230 million) as of March 31, 2025, compared to RMB 168,849 million as of December 31, 2024[33]. - Cash and cash equivalents rose significantly to RMB 49,202 million (approximately US$6,780 million) from RMB 24,832 million as of December 31, 2024[33]. - The company returned $445 million to shareholders since the beginning of Q1 2025, totaling $2.1 billion under the 2023 share repurchase program[8]. Research and Development - Research and development expenses decreased by 15% year-over-year to RMB 4.5 billion ($626 million)[11]. - Research and development expenses decreased by 16% year-over-year, amounting to RMB 4,934 million[34]. User Engagement - Apollo Go provided over 1.4 million rides in Q1 2025, marking a 75% year-over-year increase, and cumulative rides surpassed 11 million[12]. - Baidu's MAUs for the Baidu App reached 724 million, up 7% year-over-year[12]. Other Financial Metrics - The company reported a foreign exchange loss of RMB 210 million for the three months ended March 31, 2025, compared to a gain of RMB 1,678 million in the previous quarter[32]. - Total liabilities increased to RMB 163,908 million (approximately US$22,587 million) as of March 31, 2025, compared to RMB 144,168 million as of December 31, 2024[33]. - Baidu's total assets as of March 31, 2025, were RMB 453,982 million (approximately US$62,560 million), up from RMB 427,780 million as of December 31, 2024[33]. iQIYI Performance - The total revenue for iQIYI in Q1 2025 was RMB 459 million, which is a 13.1% increase from RMB 406 million in Q4 2024[36].