Baidu's Q3 Earnings: Revenue Slides, Weak Online Ads Market Impact Margins
Baidu's Q3 Earnings: Revenue Slides, Weak Online Ads Market Impact Margins
Revenue from On Thursday, Baidu, Inc (NASDAQ: BIDU) reported fiscal third-quarter revenue of $4.78 billion, down 3% year-on-year, topping the analyst consensus estimate of $4.69 billion.
周四，百度公司（纳斯达克：BIDU）报告了第三财季营业收入为47.8亿美元，同比下降3%，超过分析师共识预期的46.9亿美元。
Baidu's adjusted earnings per ADS of $2.37 beat the analyst consensus estimate of $2.35. The stock price slid after the print.
百度每股调整后盈利为2.37美元，优于分析师共识预期的2.35美元。此后股价下滑。
Segments: Baidu's Core revenue remained flat year over year at $3.78 billion; Online marketing revenue declined by 4% year over year to $2.68 billion. Non-online marketing revenue grew 12% year over year to $1.10 billion, driven by the AI Cloud business.
分部：百度核心业务收入同比保持在37.8亿美元不变；在线营销收入同比下降4%至26.8亿美元。非在线营销收入同比增长12%至11亿美元，受人工智能云业务推动。
Revenue from IQIYI, Inc (NASDAQ: IQ) decreased 10% year over year to $1.03 billion, beating the analyst consensus estimate of $1.02 billion.
爱奇艺公司（纳斯达克：IQ）的营业收入同比下降10%至10.3亿美元，超过分析师的共识预期10.2亿美元。
Baidu's SG&A expenses were $836 million, up by 2% year over year, primarily due to an increase in channel spending and promotional marketing expenses. R&D expenses declined 12% year over year to $765 million, primarily due to a decrease in personnel-related expenses.
百度的销售和管理费用为83600万美元，同比增长2%，主要是由于渠道支出和促销营销费用增加。研发费用同比下降12%，至76500万美元，主要是由于人员相关费用减少。
Baidu's adjusted EBITDA margin declined 200 bps to 26%, and its Core adjusted EBITDA margin decreased by 100 bps to 31%. As of September 30, 2024, Baidu had $20.59 billion in cash and equivalents and generated $376 million in free cash flow.
百度的调整后EBITDA利润率下降了200个基点至26%，其核心调整后EBITDA利润率下降了100个基点至31%。截至2024年9月30日，百度拥有205.9亿美元的现金及等值物，并实现了37600万美元的自由现金流。
Co-founder and CEO Robin Li said Baidu Core's flat third-quarter revenue reflected ongoing weakness in the online marketing business, balanced by growth in the AI Cloud segment.
联合创始人兼CEO李彦宏表示，百度核心业务第三季度的收入保持不变反映了在线营销业务持续疲软，但AI云业务增长平衡。
Strong AI capabilities gained broader market recognition, with ERNIE seeing increased adoption. Apollo Go maintained its leadership in the global autonomous ride-hailing market, achieving a milestone as the sixth-generation autonomous vehicle began operating on public roads in multiple Chinese cities.
强大的人工智能能力赢得了更广泛的市场认可，ERNIE 的采用率增加。Apollo Go 在全球自动驾驶乘车市场保持领先地位，在多个中国城市的公共道路上运行第六代自动驾驶汽车创造了里程碑。
Despite near-term challenges, Baidu remains committed to its AI-focused strategy, aiming to scale AI and drive innovation for consumers, enterprises, and society.
尽管面临近期挑战，百度仍致力于其以人工智能为重点的战略，旨在扩大人工智能规模，并为消费者、企业和社会推动创新。
Interim CFO Junjie He said Baidu's strict cost control measures supported stable operating margins for Baidu Core in the third quarter, with further cost optimizations across business units.
百度临时首席财务官贺军杰表示，百度严格的成本控制措施支持了第三季度百度核心业务单位稳定的运营利润率，并在业务部门进一步优化成本。
AI Cloud sustained healthy growth, and Apollo Go's operational progress reinforced confidence in the fully autonomous ride-hailing business model.
人工智能云保持健康增长，Apollo Go 的运营进展增强了对全自动驾驶乘车业务模型的信心。
Price Action: At the last check on Thursday, BIDU stock traded lower by 2.25% at $84.80 in the premarket session.
股价走势：在上周四最后核查时，BIDU 股票在盘前交易中下跌了2.25%，报 84.80 美元。
