Baidu, Inc., a leading AI company with a strong internet foundation, reported a 9% increase in total revenues for the fiscal year 2023, reaching RMB134.6 billion (US$19.0 billion), compared to RMB123.7 billion in 2022. The growth was attributed to the recovery of the general economy and macroeconomic environment, particularly in industries such as travel, e-commerce, healthcare, and entertainment. Online marketing revenues for Baidu Core rose by 8% to RMB75.1 billion (US$10.6 billion), while iQIYI, Baidu's online entertainment service provider, saw a 10% increase in revenue to RMB31.9 billion (US$4.5 billion), driven by performance-based advertising and membership services. Operating costs and expenses saw a 5% increase, with cost of revenues rising by 2% to RMB65.0 billion (US$9.2 billion). Selling, general, and administrative expenses increased by 15%, and research and development expenses...Show More

Baidu, Inc., a leading AI company with a strong internet foundation, reported a 9% increase in total revenues for the fiscal year 2023, reaching RMB134.6 billion (US$19.0 billion), compared to RMB123.7 billion in 2022. The growth was attributed to the recovery of the general economy and macroeconomic environment, particularly in industries such as travel, e-commerce, healthcare, and entertainment. Online marketing revenues for Baidu Core rose by 8% to RMB75.1 billion (US$10.6 billion), while iQIYI, Baidu's online entertainment service provider, saw a 10% increase in revenue to RMB31.9 billion (US$4.5 billion), driven by performance-based advertising and membership services. Operating costs and expenses saw a 5% increase, with cost of revenues rising by 2% to RMB65.0 billion (US$9.2 billion). Selling, general, and administrative expenses increased by 15%, and research and development expenses grew by 4%. The company's operating profit surged by 37% to RMB21.9 billion (US$3.1 billion). Net income attributable to Baidu, Inc. significantly increased by 169% to RMB20.3 billion (US$2.9 billion). Baidu's liquidity remains strong with RMB205.4 billion (US$28.9 billion) in cash, cash equivalents, restricted cash, and short-term investments. The company's capital expenditures were primarily for network infrastructure and Gen-AI research and development, funded by operating activities cash flow. Baidu's financial position appears robust as it continues to invest in AI and expand its business operations.