Baidu, Inc (NASDAQ: BIDU) reported a fiscal first-quarter 2024 revenue growth of 1% year-on-year to $4.37 billion, beating the analyst consensus estimate of $4.32 billion.
Baidu's adjusted earnings per ADS of $2.76 beat the analyst consensus estimate of $2.30.
Segments: Baidu's Core revenue increased 4% year over year to $3.30 billion; Online marketing revenue improved 3% year over year to $2.36 billion. Non-online marketing revenue grew 6% year over year to $935 million, driven by the AI Cloud business.
Revenue from IQIYI, Inc. IQ decreased 5% year over year to $1.10 billion, beating the analyst consensus estimate of $1.08 billion.
Baidu's SG&A expenses were $745 million. R&D expenses declined 1% Y/Y to $742 million.
Baidu's adjusted EBITDA margin remained firm at 26%, and its Core adjusted EBITDA margin remained steady at 30%.
As of March 31, 2024, Baidu had $26.56 billion in cash and equivalents and generated $579 million in free cash flow.
Robin Li, Co-founder and CEO of Baidu. "As a new era of Gen-AI unfolds in China, foundation models like ERNIE will serve as the underlying infrastructure, infusing various facets of people's lives. We are making our ERNIE family of models increasingly affordable and efficient."
Baidu stock lost 17% in the last 12 months. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF PGJ and Global X Social Media ETF SOCL.
Price Action: BIDU shares traded higher by 2.03% at $113.00 in the premarket session at the last check Thursday.
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