Baidu Announces Third Quarter 2024 Results

Core Insights - Baidu's third quarter results showed a decline in total revenues, primarily due to ongoing weakness in the online marketing business, although this was partially offset by growth in the AI Cloud segment [1][7] - The company reported a stable operating margin and emphasized its commitment to an AI-focused strategy, highlighting the increasing adoption of its AI capabilities and the success of its autonomous driving service, Apollo Go [1][3] Financial Highlights - Total revenues for Q3 2024 were RMB 33.6 billion ($4.78 billion), a decrease of 3$844 million), with a non-GAAP operating income of RMB 7.0 billion ($999 million) [8][9] - Net income attributable to Baidu was RMB 7.6 billion ($1.09 billion), representing a 14% increase year-over-year [9] - Diluted earnings per ADS were $21.60, up 19% year-over-year [9] Operational Highlights - Baidu's AI Cloud business continued to grow, with PaddlePaddle and ERNIE developer community reaching 18.1 million members [4] - ERNIE processed approximately 1.5 billion API calls daily in November 2024, a significant increase from 600 million in August [4] - Apollo Go provided 988,000 rides in Q3 2024, a 20% increase year-over-year, with fully driverless vehicles accounting for over 70% of total rides [5] Market Position - Baidu AI Cloud was ranked as the No.1 AI cloud provider for the fifth consecutive year in IDC's 2023 report on China's AI public cloud market [4] - The Baidu App's monthly active users (MAUs) reached 704 million, a 6% increase year-over-year [6]