Baidu’s revenues flat in Q1 2024

Beijing, 16th May: Yesterday, Baidu, the leading Chinese language Internet search company, reported revenues of US$4.4 billion for the quarter ended 31st March 2024, which is a slight increase of 1% year-on-year. The company recorded a decrease of 6% in its net profits in the quarter, down to US$755 million. Diluted earnings per share in the quarter were RMB 1.86 (US$0.26).

More than 58% of Baidu’s revenues were generated from its online marketing services, amounting to US$2.6 billion. That figure grew 2.9% year-on-year. The remaining revenues, categorised as “other” dropped by 1.1%, amounting to US$1.8 billion. According to the company, its AI business was still the key growth driver of the its revenues.