Baidu Group-SW's net profit attributable to Baidu in the third quarter was 7.632 billion yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 39%

According to the Zhitong Finance APP, Baidu Group-SW (09888) announced its performance for the third quarter of 2024, with total revenue of 33.557 billion yuan and operating profit of 5.925 billion yuan. The net profit attributable to Baidu was 7.632 billion yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 39%. The diluted earnings per American Depositary Share were 21.6 yuan. Among them, Baidu's core revenue was 26.5 billion yuan (3.78 billion USD), roughly flat compared to last year; online marketing revenue was 18.8 billion yuan (2.68 billion USD), and non-online marketing revenue was 7.7 billion yuan (1.1 billion USD), a year-on-year increase of 12%, mainly driven by the intelligent cloud business. In the third quarter of 2024, Baidu's autonomous driving service, Luobo Kuaipao, provided 988,000 autonomous driving orders, a year-on-year increase of 20%. As of October 28, 2024, Luobo Kuaipao had cumulatively provided over 8 million autonomous travel service orders to the public. In the third quarter of 2024, the number of fully autonomous driving orders from Luobo Kuaipao accounted for over 70% of the total orders nationwide. In October 2024, the proportion of fully autonomous driving orders further increased to 80%. In September 2024, the monthly active users of the Baidu APP reached 704 million, a year-on-year increase of 6%. Managed page revenue accounted for 51% of Baidu's core online marketing business revenue in the third quarter of 2024. "Baidu's core revenue in the third quarter remained flat year-on-year, reflecting the continued weakness of our online marketing business, but offset by growth in the intelligent cloud business. Our strong artificial intelligence capabilities have gained broader market recognition, and the increasing usage of Wenxin is proof of that. In intelligent driving, Luobo Kuaipao continues to lead the global autonomous travel service market, with the sixth-generation autonomous vehicle RT6 operating on public roads in multiple cities in China, setting new milestones," said Baidu co-founder and CEO Robin Li. "Despite facing short-term pressures, we remain committed to our AI-centric strategy and are confident in our long-term development trends. As we further scale our AI, we are more confident in exploring how AI can drive innovation and create value for consumers, businesses, and society as a whole." "Our continued focus on cost control has laid the foundation for the third-quarter performance." "Thanks to our successful further optimization of costs and achieving higher cost efficiency among business units, Baidu's core operating profit margin remains stable," said Baidu's acting CFO He Junjie. "The intelligent cloud continued to maintain healthy and sustainable development in the third quarter. Meanwhile, Luobo Kuaipao has made significant operational progress, reinforcing our confidence in the effectiveness of the fully autonomous travel service business model."