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