- Baidu, Inc (NASDAQ: BIDU) reported revenue growth of 10% year over year to $4.535 billion in the first quarter of FY23, beating revenue $4.310 billion consensus.
- Segments: Baidu’s core revenue grew 8% year over year to $3.35 billion; Online marketing revenue grew 6% year over year to $2.42 billion. Revenue from non-online marketing grew 11% year over year $928 million powered by cloud and other AI-enabled companies.
- income from IQIYI, Inc IQ was up 15% year over year to $1.22 billion, beating the consensus of $1.15 billion. The number of iQIYI subscribers increased to 129 million from 101 million a year ago.
- Baidu’s SG&A expenses rose 20% year over year and R&D spending fell 3% year over year.
- Margins: Baidu’s adjusted EBITDA margin increased 700 basis points to 26%. Baidu Core’s adjusted EBITDA margin increased 600 basis points to 30%.
- Baidu’s non-GAAP earnings per ADS from $2.34 Consensus of $1.79.
- Baidu had $28.25 billion in cash and equivalents and generated $661 million in free cash flow.
- Robin Li, Co-Founder and CEO of Baidu, said, “We believe the advent of generative AI and big language models represents the transformative potential of AI across industries to help people and organizations achieve more and have a positive impact on society.” to have company.” . In light of this trend, Baidu launched its ERNIE bot in China, which we plan to gradually integrate into all of our businesses. This will strengthen our products and offerings, attracting a larger user and customer base while also allowing us to establish a new ecosystem around the ERNIE Bot for the new era.”
- Price promotion: BIDU shares traded 2.05% higher at $130.22 in the pre-market session of last check on Tuesday.
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