BIDU(HK:09888)2022-11-22 10:00Financial Performance - Baidu's total revenue for Q3 2022 was RMB 32.54 billion, representing a 2% year-over-year increase and a 10% quarter-over-quarter increase[4]. - Baidu's core revenue for Q3 2022 was RMB 25.24 billion, a 2% increase year-over-year and a 9% increase quarter-over-quarter[5]. - Baidu's total revenue for Q3 2022 was RMB 32.5 billion ($4.57 billion), representing a year-over-year growth of 2%[7]. - Online marketing services revenue for the three months ended September 30, 2022, was RMB 19,943 million, a decrease of 5.3% from RMB 21,050 million in the same period of 2021[19]. - Non-online marketing revenue grew by 25% year-over-year to RMB 6.5 billion ($916 million), driven primarily by cloud and AI-driven businesses[7]. - Total revenue for Baidu Group in Q3 2022 was RMB 32,540 million, representing a 2% year-over-year increase and a 10% quarter-over-quarter increase[23]. Profitability - Operating profit under non-GAAP increased by 14% year-over-year to RMB 6.7 billion, attributed to cost reduction efforts[3]. - Baidu's net profit attributable to the company under non-GAAP was RMB 5.77 billion, a decrease of 2% year-over-year[5]. - Operating profit for Baidu Group in Q3 2022 was RMB 5,317 million, reflecting a 130% year-over-year increase and a 56% quarter-over-quarter increase[23]. - The net loss attributable to Baidu was RMB 146 million ($21 million), with a diluted loss per ADS of RMB 0.87 ($0.12)[9]. - Baidu's net profit margin in Q3 2022 was -63%, indicating a decline compared to the previous year[23]. - Net profit attributable to Baidu was RMB 5,855 million, compared to a loss of RMB 1,400 million in the same quarter last year, indicating a net profit margin of 24%[24]. Cash Flow and Investments - The company repurchased shares worth USD 272 million in Q3 2022, bringing the total repurchase amount under the 2020 plan to USD 3.2 billion[5]. - Free cash flow for the quarter was RMB 6.6 billion ($921 million)[10]. - Cash and cash equivalents at the end of the period were RMB 62,821 million, an increase from RMB 50,662 million year-over-year[25]. - Baidu's investment activities resulted in a net cash outflow of RMB 15,857 million, indicating ongoing investments in growth initiatives[25]. User Engagement and Market Presence - The number of autonomous driving service orders from "Luobo Kuaipao" exceeded 474,000 in Q3 2022, marking a 311% year-over-year growth and a 65% quarter-over-quarter growth[6]. - Baidu's monthly active users for the Baidu APP reached 634 million in September, a year-over-year increase of 5%[7]. - The total number of iQIYI subscribers reached 100 million as of Q3 2022, marking a 12% increase from the previous quarter[23]. - Baidu plans to expand its market presence through strategic partnerships and new product launches in the upcoming quarters[23]. Research and Development - Research and development expenses for the three months ended September 30, 2022, were RMB 5,757 million, a decrease of 6.6% from RMB 6,167 million for the same period in 2021[19]. - The company is focusing on research and development, with R&D expenses amounting to RMB 1,431 million, reflecting a commitment to innovation[24]. Financial Position - As of September 30, 2022, cash, cash equivalents, restricted cash, and short-term investments totaled RMB 184.5 billion ($25.94 billion)[10]. - As of September 30, 2022, total assets amounted to RMB 389,033 million, an increase from RMB 380,034 million on December 31, 2021, representing a growth of approximately 2.6%[21]. - Total liabilities increased to RMB 158,241 million as of September 30, 2022, compared to RMB 156,082 million on December 31, 2021, reflecting a rise of about 1.4%[22]. - The total equity attributable to Baidu shareholders rose to RMB 217,236 million as of September 30, 2022, from RMB 211,459 million on December 31, 2021, marking an increase of about 2.6%[22].