Summary by Moomoo AI
Baidu announced its unaudited financial performance for the third quarter ending September 30, 2024 on November 21, 2024. Total revenue was 33.6 billion yuan, a decrease of 3% year-on-year; operating profit was 5.9 billion yuan, a decrease of 6% year-on-year. However, Baidu's attributable net profit reached 7.6 billion yuan, an increase of 14% year-on-year, with diluted earnings per American depositary share of 21.60 yuan, an increase of 19% year-on-year. Management pointed out that despite weak online marketing business, the growth of the smart cloud business offset this impact. Baidu's core operating profit margin remained stable, with its smart driving business Apollo maintaining a leading position in the global self-driving travel service market. Baidu's co-founder and CEO, Robin Li, stated...Show More