Baidu Inc. reported its Q3 2024 earnings on Thursday, showing revenue of RMB 33.6 billion ($4.78 billion), a year-on-year decline of 3%. Core revenue remained steady at RMB 26.5 billion ($3.78 billion), supported by a 12% Y-o-Y growth in non-online marketing revenue, primarily driven by its AI Cloud services. However, revenue for its entertainment streaming platform iQIYI dropped 10% to RMB 7.2 billion ($1.03 billion).
Baidu’s AI initiatives showed robust growth, with robotaxi operator Apollo Go delivering 988,000 rides, up 20% Y-o-Y. Baidu App’s monthly active users climbed 6% Compared to the same period last year to 704 million.
CEO Robin Li emphasized the company’s focus on integrating generative AI into its services to drive innovation. The company also said it remains committed to long-term technology investments. [Baidu]
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