百度：Solid cloud revenue growth a bright spot in the stage of business adjustment

16 Jan 2025 CMB International Global Markets | Equity Research | Company Update Baidu (BIDU US) Solid cloud revenue growth a bright spot in the stage of business adjustment For 4Q24E, we are looking for 4.8% YoY decline in total revenue (1% lower than consensus), and RMB4.7bn non-GAAP net income for Baidu, owing to one-off impact from equity investee. Cloud revenue growth likely remains a bright spot aided by strong demand in GPU cloud, while pace of ads rev growth recovery remains a key to watch. We lowere ...