Baidu’s revenues fall 6.5% in Q1

Beijing, 18th May: Earlier this week, Baidu, the leading Chinese language Internet search provider, announced its financial results for the quarter ended 31st March 2020. Total revenues in the quarter were US$3.2 billion, which is a decrease of 6.5% year-on-year. Net income in the quarter was US$5.8 million, compared with a net loss of US$49 million in the first quarter of 2019.

More than 63% of its total revenues were generated from Baidu’s online marketing services, amounting to US$2.0 billion. That figure fell 19% year-on-year. While all other revenues grew by 28%, reaching US$1.2 billion. According to the company, the increase in other revenues was mainly due to strong growth in iQIYI membership, cloud services and smart device sales.