Baidu Q3 Adj. Net Income Declines; AI Cloud Revenue Up 73%

Baidu, Inc. (BIDU) reported third quarter non-GAAP net income of RMB 5.09 billion, a decline of 27% from a year ago. Non-GAAP earnings per ADS was RMB 14.66 compared to RMB 20.35, prior year. Baidu Core recorded third quarter non-GAAP net income of RMB 5.85 billion, a decline of 22%.

Net loss attributable to Baidu was RMB 16.6 billion and a loss per ADS of RMB 48.18, for the third quarter.

Total revenues were RMB 31.9 billion, an increase of 13% year over year. Revenue from Baidu Core was RMB 24.7 billion, up 15% from last year. AI cloud revenue increased 73% year over year.

For the fourth quarter of 2021, Baidu expects revenues to be between RMB 31.0 billion and RMB 34.0 billion, a growth rate of 2% to 12% year over year, which assumes that Baidu Core revenue will grow between 5% and 16% year over year.

Rong Luo, CFO of Baidu, said: "With a diversified AI portfolio, including cloud services, smart transportation, smart devices, self-driving, smart EV and robotaxi, we are well positioned for long-term growth."

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