Baidu’s FY2024 revenues down, but profits up

Beijing, 18th February: Baidu, the leading search engine in China, has recently announced its financial results for the year ended 31st December 2024. The company reported revenues of US$18 billion, down 1% year-on-year. However, net income for the year grew 17%, reaching US$3.3 billion. Diluted earnings per share for 2024 were RMB 65.91 (US$9.03).

Revenues from Baidu’s core business reached US$14 billion in 2024, up 1% year-on-year. The majority of its revenues (US$10 billion) were generated from Baidu’s online marketing business, declining by 3% year-on-year, while the non-online revenue increased by 12%, amounted to US$4.3 billion.

Robin Li, Co-founder and CEO of Baidu, said, “2024 marked a pivotal year in our ongoing transformation from an internet-centric to an AI-first business. AI Cloud gained momentum, fuelled by broad market recognition of our full stack AI capabilities. In Mobile Ecosystem, we have been steadfast in advancing the AI transformation, making search more AI-native to deliver a better user experience. Apollo Go, after years of investment, validated its business model, paving the way for global expansion and scalable, asset-light strategies. With our strategic foresight increasingly validated, we expect our AI investments to deliver more significant results in 2025.”

For the ended 31st December, Baidu reported revenues of US$4.7 billion, down 2% year-on-year. However, net income for the quarter jumped 100%, reaching US$711 million.