Baidu Swings To Profit In Q2, But Revenue Down 5%

RTTNews | 1473 days ago

(RTTNews) - Chinese Internet company Baidu.com Inc. (BIDU) reported Tuesday a profit for the second quarter compared to a loss last year, which was weighed down by a hefty fair value loss from long-term investments. The company said it continued to optimize costs and enhance operational efficiency.

For the second quarter, net income attributable to the company was RMB 3.64 billion or $543 million, compared to a net loss of RMB 583 million in the prior-year quarter.

Earnings per ADS were RMB 9.97 or $1.49, compared to loss per ADS of RMB 1.70 a year earlier.

Excluding items, adjusted net income attributable to Baidu was RMB 5.54 billion or $827 million, compared to RMB 5.36 billion in the year-ago quarter. Adjusted earnings per ADS were RMB 15.79 or $2.36, compared to RMB 15.41 last year.

Adjusted net income attributable to Baidu Core was RMB 5.45 billion or $814 million, down 8 percent from last year.

Total revenues for the quarter declined 5 percent to RMB 29.65 billion or $4.43 billion, from RMB 31.35 billion in the same quarter last year. Revenue from Baidu Core was RMB 23.16 billion or $3.46 billion, decreasing 4 percent year over year.

Online marketing revenue declined 10 percent to RMB 17.1 billion or $2.55 billion from last year, primarily due to the resurgence of Covid-19 in certain cities in China. Meanwhile, non-online marketing revenue grew 22 percent to RMB 6.1 billion or $906 million year over year, driven by cloud and other AI-powered businesses.

Looking ahead, Rong Luo, CFO of Baidu, said, "Going forward, we remain committed to quality revenue growth and sustainable business models."

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