<Results>BIDU-SW 2Q24 Non-GAAP Net Income RMB7.396B, Down 7.5% YoY, Still Better than Expected

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<Results>BIDU-SW 2Q24 Non-GAAP Net Income RMB7.396B, Down 7.5% YoY, Still Better than Expected

BIDU-SW (09888.HK)(BIDU.US) announced its 2Q24 results as of the end of June 2024. The non-GAAP net income to Baidu was RMB7.396 billion, down 7.5% YoY, still better than the RMB6....

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<Results>BIDU-SW 2Q24 Non-GAAP Net Income RMB7.396B, Down 7.5% YoY, Still Better than Expected

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BIDU-SW (09888.HK) +0.150 (+0.172%) Short selling $128.62M; Ratio 21.613% (BIDU.US) announced its 2Q24 results as of the end of June 2024. The non-GAAP net income to Baidu was RMB7.396 billion, down 7.5% YoY, still better than the RMB6.419-7.057 billion forecast by 10 brokers surveyed by our reporters. The non-GAAP diluted earnings per ADS were RMB21.02.

The net income to Baidu in 2Q24 was RMB5.488 billion, a YoY increase of 5.3%. This also beat the forecast range of RMB4.875-5.292 billion provided by four brokers surveyed by our reporters. Diluted earnings per ADS were RMB15.01.

The group’s total revenues were RMB33.931 billion, a YoY decrease of 0.4%, in line with the forecasts of 10 brokers at RMB33.399-35.769 billion as compiled by our reporters.

Robin Li, Co-founder and CEO of Baidu, remarked that the transformative impact of Gen-AI and foundation models is gradually becoming more tangible in business and everyday life. Throughout all layers of its AI technology stack and with the rapid adoption of applications built on top of ERNIE, Baidu is scaling AI to address real-world problems and generate substantial value both for external customers and its own product portfolio.

Baidu returned US$301 million to shareholders since the beginning of 2Q24, bringing the cumulative repurchase to about US$1.2 billion under the 2023 share repurchase program.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-02 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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