BIDU(US:BIDU)2025-05-21 21:00Financial Performance - Baidu's total revenues for Q1 2025 were RMB 32.5 billion ($4.47 billion), representing a 3% increase year over year[10]. - Baidu Core revenue grew 7% year over year to RMB 25.5 billion ($3.51 billion), with online marketing revenue decreasing 6% year over year[6][12]. - AI Cloud revenue surged 42% year over year, contributing significantly to overall revenue growth[3]. - 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 $2.98[4][16]. - Baidu's total revenues for the three months ended March 31, 2025, were RMB 32,452 million (approximately US$4,472 million), a decrease of 2% from RMB 34,124 million in the previous quarter[32]. - Non-GAAP net income attributable to Baidu for the same period was RMB 7,717 million (approximately US$1,063 million), representing an increase of 48% compared to RMB 5,192 million in the previous quarter[32]. - The company's operating income for the three months ended March 31, 2025, was RMB 4,508 million (approximately US$621 million), up from RMB 3,917 million in the previous quarter[32]. - Operating income for Baidu in Q1 2025 was RMB 4,164 million, reflecting an 18% year-over-year decrease[34]. - Net income attributable to Baidu in Q1 2025 was RMB 7,633 million, a 42% year-over-year increase[34]. - Baidu's operating margin for Q1 2025 was 16%, compared to 19% in the previous year[34]. - The diluted earnings per ADS (non-GAAP) for Q1 2025 was $2.55, compared to $2.98 in Q4 2024, indicating a decrease of 14.4%[36]. Cash and Investments - Baidu's cash, cash equivalents, and short-term investments totaled RMB 142.0 billion ($19.57 billion) as of March 31, 2025[18]. - Baidu's cash and cash equivalents increased significantly to RMB 49,202 million (approximately US$6,780 million) as of March 31, 2025, compared to RMB 24,832 million at the end of the previous quarter[33]. - Baidu's cash, cash equivalents, and restricted cash at the end of Q1 2025 amounted to RMB 49,876 million[35]. - The company reported a net cash provided by operating activities of RMB 5,284 million in Q1 2025[35]. Expenses and Liabilities - Research and development expenses decreased by 15% year over year to RMB 4.5 billion ($626 million)[11]. - The company reported total costs and expenses of RMB 27,944 million (approximately US$3,851 million) for the three months ended March 31, 2025, a decrease from RMB 30,207 million in the previous quarter[32]. - Baidu's total costs and expenses in Q1 2025 were RMB 21,299 million, an increase of 11% year-over-year[34]. - The company’s total liabilities increased to RMB 163,908 million (approximately US$22,587 million) as of March 31, 2025, from RMB 144,168 million at the end of the previous quarter[33]. Shareholder Returns - Baidu returned $445 million to shareholders since the beginning of Q1 2025, with cumulative repurchases reaching $2.1 billion[8]. User Engagement and Product Development - Apollo Go provided over 1.4 million rides in Q1 2025, marking a 75% increase year over year, and cumulative rides surpassed 11 million[12]. - Baidu App's monthly active users (MAUs) reached 724 million, up 7% year over year[12]. - Baidu launched ERNIE 4.5 and ERNIE X1 in March 2025, enhancing its AI product offerings[8]. iQIYI Performance - iQIYI's operating income for Q1 2025 was RMB 342 million, a rise from RMB 285 million in Q4 2024, reflecting a growth of 19.9%[36]. - Baidu's adjusted EBITDA for iQIYI in Q1 2025 was RMB 495 million, up from RMB 444 million in Q4 2024, representing an increase of 11.5%[36]. - The net income attributable to Baidu (non-GAAP) for Q1 2025 was RMB 6,330 million, a decrease from RMB 6,741 million in Q4 2024, showing a decline of 6.1%[36]. Other Financial Metrics - Free cash flow for Baidu in Q1 2025 was negative RMB 8,901 million, a significant decline from the previous quarter[35]. - Baidu's adjusted EBITDA margin for Q1 2025 was 22%, compared to 26% in the previous year[34]. - Baidu's core operating income for Q1 2025 was RMB 4,164 million, a 14.5% 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 fair value loss of long-term investments in Q1 2025 was RMB (1,889) million, compared to RMB (288) million in Q4 2024, indicating a significant increase in losses[36].