Baidu Swings To Profit In Q2, But Revenue Down 5%

baidu aug30 lt

Chinese Internet company Baidu.com Inc. (BIDU) reported Tuesday a profit for the second quarter compared to a loss last year, which was weighed down by a hefty fair value loss from long-term investments. The company said it continued to optimize costs and enhance operational efficiency.

For the second quarter, net income attributable to the company was RMB 3.64 billion or $543 million, compared to a net loss of RMB 583 million in the prior-year quarter.

Earnings per ADS were RMB 9.97 or $1.49, compared to loss per ADS of RMB 1.70 a year earlier.

Excluding items, adjusted net income attributable to Baidu was RMB 5.54 billion or $827 million, compared to RMB 5.36 billion in the year-ago quarter. Adjusted earnings per ADS were RMB 15.79 or $2.36, compared to RMB 15.41 last year.

Adjusted net income attributable to Baidu Core was RMB 5.45 billion or $814 million, down 8 percent from last year.

Total revenues for the quarter declined 5 percent to RMB 29.65 billion or $4.43 billion, from RMB 31.35 billion in the same quarter last year. Revenue from Baidu Core was RMB 23.16 billion or $3.46 billion, decreasing 4 percent year over year.

Online marketing revenue declined 10 percent to RMB 17.1 billion or $2.55 billion from last year, primarily due to the resurgence of Covid-19 in certain cities in China. Meanwhile, non-online marketing revenue grew 22 percent to RMB 6.1 billion or $906 million year over year, driven by cloud and other AI-powered businesses.

Looking ahead, Rong Luo, CFO of Baidu, said, "Going forward, we remain committed to quality revenue growth and sustainable business models."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
A group of 23 U.S. states attorneys general have asked South Korean car manufacturers Hyundai Motor and Kia Corp. to take action more quickly to solve problems with millions of U.S. vehicles facing theft. The issue is related to the companies' failure to equip vehicles with anti-theft immobilizers, which has been a standard equipment on vehicles sold by other major manufacture El Monte, California-based Mutual Trading Co., Inc. is recalling certain Kagome Sauces citing undeclared soy, a known allergen, the U.S. Food and Drug Administration said. The recall involves 60 fl oz of Kagome Worcester Sauce, 10 fl oz of Kagome Chuno sauce, and 8g of Kagome Take out Tonkatsu Sauce. With a view to celebrate college basketball season, Domino's Pizza Inc. is offering customers 50% off all menu-priced pizzas ordered online today through March 26. The weeklong 50% off online deal is available on menu-priced pizzas ordered through Domino's online ordering channels.
Follow RTT