Baidu posts weak result in first half

Beijing, 30th August: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th June 2022. Revenues in the quarter were US$4.4 billion, a decrease of 5% year-on-year. However, the company recorded a profit of US$543 million in the quarter, compared to a loss of US$90 million in the second quarter of 2021.

Baidu also reported its financial results for the six months ended 30th June. Revenues in the first half of 2022 were US$8.9 billion, a year-on-year decrease of 2.4%. Profit in the period dropped 89%, down to US$411 million. Diluted earnings per share in the first half of 2022 were RMB 0.89 (US$0.13).