Summary by Moomoo AI
Baidu, Inc., the leading AI company with a strong Internet foundation, announced its unaudited financial results for the second quarter ended June 30, 2024. Despite ongoing macro headwinds for online marketing revenue, Baidu reported modest topline growth for Baidu Core, driven by the acceleration of its AI Cloud. The company also highlighted operational advancements, including the renovation of Baidu search and breakthroughs with Apollo Go, which now offers fully driverless ride-hailing services in Wuhan. Financially, Baidu's total revenues remained flat year-over-year at RMB 33.9 billion ($4.67 billion), with a 1% increase in Baidu Core revenues to RMB 26.7 billion ($3.67 billion). Operating income rose by 14% to RMB 5.9 billion ($818 million), and net income to Baidu increased by 5% to RMB 5.5 billion ($755 million). The company also reported a healthy margin and a strong momentum in AI Cloud growth. Baidu's management will hold an earnings conference call to discuss the quarterly results.
