Baidu’s profit up 48% in Q2

Beijing, 13th August: Last week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th June 2020. Revenues in the quarter were US$3.7 billion, a slight decrease of 1.1% year-on-year. However, net income in the quarter grew by 48% compared with the second quarter of 2019, reaching US$507 million.

More than 67% of its total revenues (US$2.5 billion) were generated from Baidu’s online marketing services, which fell by 8.1% year-on-year. The remaining revenues were generated from a variety of others services, amounting to US$1.2 billion. This represents an increase of 18% compared with the previous year. The increase was mainly driven by the strong growth of iQIYI membership and both its cloud and smart transportation solutions.