Baidu’s FY2022 revenues remain flat

Beijing, 22nd February: Earlier this week, Baidu, the leading search engine in China, announced its financial results for the year ended 31st December 2022. The company reported revenues of US$18 billion, just 1% down year-on-year. However, Baidu’s net income for the year dropped 26%, down to US$1.1 billion. Diluted earnings per share were RMB 19.85 (US$2.88).

Revenues from Baidu’s core business reached US$14 billion in the year, flat compared with the previous year. The majority of its revenues (US$10 billion) were generated from Baidu’s online marketing business, which dropped 6% year-on-year. The company’s non-online revenue amounted to US$3.8 billion, growing an impressive 22%. Management attributed the growth to strong performances in its cloud and AI-powered businesses.