Baidu.com Inc. (BIDU), an AI and internet company, reported Tuesday significantly higher profit in its fourth quarter, despite weak revenues.
Robin Li, Co-founder and CEO of Baidu, said, "2024 marked a pivotal year in our ongoing transformation from an internet-centric to an AI-first business. … With our strategic foresight increasingly validated, we expect our AI investments to deliver more significant results in 2025."
In pre-market activity on the Nasdaq, Baidu shares were losing around 2.3 percent to trade at $95.28.
For the fourth quarter, net income attributable to Baidu was RMB5.19 billion or $711 million, compared to RMB2.60 billion last year.
Earnings per ADS was RMB14.26 or $1.95, compared to RMB6.77 last year.
Adjusted net income attributable to Baidu was RMB6.7 billion or $919 million, compared to RMB7.76 billion a year ago. Adjusted earnings per ADS was RMB19.18 or $2.63, compared to RMB21.86 last year.
Adjusted EBITDA was RMB7.0 billion or $953 million, down 23 percent from last year. Adjusted EBITDA margin was 20 percent, down from 26 percent a year ago.
Total revenues were RMB34.1 billion or $4.68 billion, down 2 percent from prior year's RMB34.95 billion.
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