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Baidu Announces Third Quarter 2024 Results

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BEIJING, Nov. 21, 2024 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the third quarter ended September 30, 2024.

“Baidu Core’s flattish third quarter top line reflected the ongoing weakness in our online marketing business, offset by the growth of our AI Cloud business. Our strong AI capabilities are gaining broader market recognition, as evidenced by increasing adoption of ERNIE. In intelligent driving, Apollo Go continues to lead the global autonomous ride-hailing market, hitting another milestone with our sixth-generation autonomous vehicle now operating on public roads across multiple cities in China,” said Robin Li, Co-founder and CEO of Baidu. “Despite the near-term pressures, we remain steadfast in our AI-focused strategy and are confident in our long-term trajectory. As we further scale AI, we are emboldened to find how it can drive innovations and create value for consumers, enterprises and society at large.”

“Our relentless focus on cost control helped support our third quarter results. Baidu Core’s operating margins remained stable as we managed to further optimize costs and realize more cost efficiencies between business units,” said Junjie He, Interim CFO of Baidu. “AI Cloud continued to show healthy and sustainable development in the third quarter. Meanwhile, Apollo Go continued to make operational strides, underpinning our confidence in the validity of the fully autonomous ride hailing business model.”

Third Quarter 2024 Financial Highlights [1]

Baidu, Inc.

(In millions except per ADS, unaudited)

Q3

Q2

Q3

2023

2024

2024

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues 

34,447

33,931

33,557

4,782

(3 %)

(1 %)

Operating income

6,274

5,944

5,925

844

(6 %)

(0 %)

Operating income (non-GAAP)  [2]

7,596

7,500

7,014

999

(8 %)

(6 %)

Net income to Baidu

6,681

5,488

7,632

1,088

14 %

39 %

Net income to Baidu (non-GAAP) [2]

7,267

7,396

5,886

839

(19 %)

(20 %)

Diluted earnings per ADS

18.22

15.01

21.60

3.08

19 %

44 %

Diluted earnings per ADS (non-GAAP) [2]

20.40

21.02

16.60

2.37

(19 %)

(21 %)

Adjusted EBITDA [2]

9,505

9,147

8,733

1,244

(8 %)

(5 %)

Adjusted EBITDA margin

28 %

27 %

26 %

26 %

Baidu Core

(In millions, unaudited)

Q3

Q2

Q3

2023

2024

2024

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues 

26,572

26,687

26,524

3,780

(0 %)

(1 %)

Operating income

5,498

5,608

5,694

811

4 %

2 %

Operating income (non-GAAP) [2]

6,672

7,005

6,652

948

(0 %)

(5 %)

Net income to Baidu Core

6,436

5,462

7,536

1,074

17 %

38 %

Net income to Baidu Core (non-GAAP) [2]

6,956

7,290

5,676

809

(18 %)

(22 %)

Adjusted EBITDA [2]

8,513

8,617

8,336

1,188

(2 %)

(3 %)

Adjusted EBITDA margin

32 %

32 %

31 %

31 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.0176 as of September 30, 2024, as set forth in the H.10

statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures

to the Nearest Comparable GAAP Measures” for more details).

Operational Highlights 

Corporate

In October 2024, Baidu was upgraded from the prior ‘BBB’ rating to an ‘A’ rating by MSCI ESG Research.Baidu returned US$161 million to shareholders since early Q3 2024, bringing the cumulative repurchase to US$1.4 billion under the 2023 share repurchase program.

AI Cloud

PaddlePaddle and ERNIE developer community grew to 18.1 million in November 2024.In November 2024, ERNIE handled approximately 1.5 billion API calls daily, a significant jump from 600 million in August.In the third quarter of 2024, Baidu expanded the ERNIE family with two enhanced lightweight models, Speed Pro and Lite Pro.Baidu AI Cloud was ranked the No.1 AI cloud provider for the fifth consecutive year, according to IDC’s 2023 report on China’s AI public cloud market, issued in August 2024.

Intelligent Driving

Apollo Go, Baidu’s autonomous ride-hailing service, provided 988K rides in the third quarter of 2024, up 20% year over year. As of October 28, 2024, the cumulative rides provided to the public by Apollo Go surpassed 8 million.During the third quarter of 2024, rides provided by Apollo Go’s fully driverless vehicles accounted for over 70% of total rides nationwide. The proportion of fully driverless rides further increased to 80% in October 2024.Our sixth generation autonomous vehicle, the RT6, is now operating on public roads in multiple cities in China.

Mobile Ecosystem

In September 2024, Baidu App’s MAUs reached 704 million, up 6% year over year.Managed Page accounted for 51% of Baidu Core’s online marketing revenue in the third quarter of 2024.

Third Quarter 2024 Financial Results 

Total revenues were RMB33.6 billion ($4.78 billion), decreasing 3% year over year.

Revenue from Baidu Core was RMB26.5 billion ($3.78 billion), which was basically flat from last year; online marketing revenue was RMB18.8 billion ($2.68 billion), decreasing 4% year over year, and non-online marketing revenue was RMB7.7 billion ($1.10 billion), up 12% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.2 billion ($1.03 billion), decreasing 10% year over year.

Cost of revenues was RMB16.4 billion ($2.34 billion), increasing 1% year over year, primarily due to an increase in traffic acquisition costs and costs related to AI Cloud business, partially offset by a decrease in personnel-related expenses and cost of goods sold.

Selling, general and administrative expenses were RMB5.9 billion ($836 million), increasing 2% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.

Research and development expenses were RMB5.4 billion ($765 million), decreasing 12% year over year, primarily due to a decrease in personnel-related expenses.

Operating income was RMB5.9 billion ($844 million). Baidu Core operating income was RMB5.7 billion ($811 million), and Baidu Core operating margin was 21%. Non-GAAP operating income was RMB7.0 billion ($999 million). Non-GAAP Baidu Core operating income was RMB6.7 billion ($948 million), and non-GAAP Baidu Core operating margin was 25%.

Total other income, net was RMB2.7 billion ($381 million), increasing 40% year over year, primarily due to an increase in fair value gain from long-term investments and disposal gain, partially offset by an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expense was RMB814 million ($116 million), compared to RMB1.3 billion in the same period last year.

Net income attributable to Baidu was RMB7.6 billion ($1.09 billion), and diluted earnings per ADS was RMB21.60 ($3.08). Net income attributable to Baidu Core was RMB7.5 billion ($1.07 billion), and net margin for Baidu Core was 28%. Non-GAAP net income attributable to Baidu was RMB5.9 billion ($839 million). Non-GAAP diluted earnings per ADS was RMB16.60 ($2.37). Non-GAAP net income attributable to Baidu Core was RMB5.7 billion ($809 million), and non-GAAP net margin for Baidu Core was 21%.

Adjusted EBITDA was RMB8.7 billion ($1.24 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB8.3 billion ($1.19 billion) and adjusted EBITDA margin for Baidu Core was 31%.

As of September 30, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB144.5 billion ($20.59 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB140.3 billion ($19.99 billion). Free cash flow was RMB2.6 billion ($376 million), and free cash flow excluding iQIYI was RMB2.4 billion ($342 million).

Conference Call Information

Baidu’s management will hold an earnings conference call at 7.30 AM on November 21, 2024, U.S. Eastern Time (8.30 PM on November 21, 2024, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q3 2024 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click: 
https://s1.c-conf.com/diamondpass/10043066-56ncpy.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain (loss), impairment of long-term investments, and fair value gain (loss) of long-term investments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”

 

Baidu, Inc. 

Condensed Consolidated Statements of  Income 

(In millions except for per share (or ADS) information, unaudited)

Three Months Ended

September 30,

June 30,

September 30,

September 30,

2023

2024

2024

2024

RMB

RMB

RMB

US$(2)

Revenues:

Online marketing services

21,346

20,625

20,108

2,865

Others

13,101

13,306

13,449

1,917

Total revenues 

34,447

33,931

33,557

4,782

Costs and expenses:

Cost of revenues(1)

16,294

16,398

16,399

2,337

Selling, general and administrative(1)

5,778

5,700

5,867

836

Research and development(1)

6,101

5,889

5,366

765

Total costs and expenses

28,173

27,987

27,632

3,938

Operating income

6,274

5,944

5,925

844

Other income:

Interest income

2,082

1,993

1,877

267

Interest expense

(853)

(742)

(673)

(96)

Foreign exchange (loss) gain, net

(26)

93

(1,096)

(156)

Share of (losses) earnings from equity method investments 

(398)

(119)

32

5

Others, net

1,100

(454)

2,535

361

Total other income, net

1,905

771

2,675

381

Income before income taxes

8,179

6,715

8,600

1,225

Income tax expense

1,282

1,131

814

116

Net income 

6,897

5,584

7,786

1,109

Net income attributable to noncontrolling interests

216

96

154

21

Net income attributable to Baidu

6,681

5,488

7,632

1,088

Earnings per ADS (1 ADS representing 8 Class A ordinary shares):

 -Basic

18.45

15.11

21.93

3.13

 -Diluted

18.22

15.01

21.60

3.08

Earnings per share for Class A and Class B ordinary shares:

 -Basic

2.31

1.89

2.74

0.39

 -Diluted

2.28

1.88

2.70

0.38

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

 -Basic 

2,814

2,796

2,785

2,785

 -Diluted

2,846

2,804

2,789

2,789

(1)  Includes share-based compensation expenses as follows:

 Cost of revenues 

139

146

104

15

 Selling, general and administrative 

358

385

328

47

 Research and development 

778

981

612

87

 Total share-based compensation expenses 

1,275

1,512

1,044

149

(2)  All translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate in effect as of

September 30, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

 

 

Baidu, Inc. 

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

September 30,

September 30,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

25,231

28,682

4,087

Restricted cash

11,503

11,665

1,662

Short-term investments, net

168,670

104,129

14,838

Accounts receivable, net

10,848

9,848

1,403

Amounts due from related parties

1,424

1,379

197

Other current assets, net

12,579

16,415

2,339

Total current assets

230,255

172,118

24,526

Non-current assets:

Fixed assets, net

27,960

29,696

4,232

Licensed copyrights, net

6,967

6,862

978

Produced content, net

13,377

14,313

2,040

Intangible assets, net

881

749

107

Goodwill

22,586

22,586

3,218

Long-term investments, net

47,957

44,637

6,361

Long-term time deposits and held-to-maturity investments

24,666

88,547

12,618

Amounts due from related parties

195

120

17

Deferred tax assets, net

2,100

2,852

406

Operating lease right-of-use assets

10,851

10,693

1,524

Other non-current assets

18,964

24,143

3,440

Total non-current assets

176,504

245,198

34,941

Total assets

406,759

417,316

59,467

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,257

11,969

1,706

Accounts payable and accrued liabilities

37,717

39,000

5,557

Customer deposits and deferred revenue

14,627

14,310

2,039

Deferred income

306

300

43

Long-term loans, current portion

2

37

5

Convertible senior notes, current portion

2,802

17

2

Notes payable, current portion

6,029

7,714

1,099

Amounts due to related parties

1,603

1,959

279

Operating lease liabilities

3,108

3,123

445

Total current liabilities

76,451

78,429

11,175

Non-current liabilities:

Deferred income

200

265

38

Deferred revenue

481

532

76

Amounts due to related parties

77

61

9

Long-term loans

14,223

14,487

2,064

Notes payable

34,990

26,911

3,835

Convertible senior notes

8,144

8,187

1,167

Deferred tax liabilities

2,725

2,885

411

Operating lease liabilities

5,040

4,911

700

Other non-current liabilities

1,820

1,457

208

Total non-current liabilities

67,700

59,696

8,508

Total liabilities

144,151

138,125

19,683

Redeemable noncontrolling interests

9,465

9,312

1,327

Equity

Total Baidu shareholders’ equity

243,626

259,649

36,999

Noncontrolling interests

9,517

10,230

1,458

Total equity

253,143

269,879

38,457

Total liabilities, redeemable noncontrolling interests, and equity

406,759

417,316

59,467

 

 

Baidu, Inc. 

Selected Information

(In millions, unaudited)

Three months ended
September 30, 2023 (RMB)

Three months ended
June 30, 2024 (RMB)

Three months ended
September 30, 2024 (RMB)

Three months ended
September 30, 2024 (US$)

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu

Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Total revenues 

26,572

8,015

(140)

34,447

26,687

7,439

(195)

33,931

26,524

7,246

(213)

33,557

3,780

1,032

(30)

4,782

  YOY

(0 %)

(10 %)

(3 %)

  QOQ

(1 %)

(3 %)

(1 %)

Costs and expenses: 

  Cost of revenues (1)

10,610

5,840

(156)

16,294

10,888

5,678

(168)

16,398

10,923

5,650

(174)

16,399

1,557

805

(25)

2,337

  Selling, general and administrative (1)

4,810

981

(13)

5,778

4,751

970

(21)

5,700

4,990

908

(31)

5,867

711

129

(4)

836

  Research and development (1)

5,654

447

–

6,101

5,440

449

–

5,889

4,917

449

–

5,366

701

64

–

765

Total costs and expenses 

21,074

7,268

(169)

28,173

21,079

7,097

(189)

27,987

20,830

7,007

(205)

27,632

2,969

998

(29)

3,938

  YOY 

  Cost of revenues 

3 %

(3 %)

1 %

  Selling, general and administrative 

4 %

(7 %)

2 %

  Research and development 

(13 %)

0 %

(12 %)

  Costs and expenses

(1 %)

(4 %)

(2 %)

Operating income (loss)

5,498

747

29

6,274

5,608

342

(6)

5,944

5,694

239

(8)

5,925

811

34

(1)

844

  YOY

4 %

(68 %)

(6 %)

  QOQ

2 %

(30 %)

(0 %)

Operating margin 

21 %

9 %

18 %

21 %

5 %

18 %

21 %

3 %

18 %

  Add: total other income (loss), net

2,159

(254)

–

1,905

1,011

(240)

–

771

2,667

8

–

2,675

380

1

–

381

  Less: income tax expense

1,272

10

–

1,282

1,105

26

–

1,131

803

11

–

814

114

2

–

116

  Less: net (loss) income attributable to NCI

(51)

7

260(3)

216

52

7

37(3)

96

22

7

125(3)

154

3

–

18(3)

21

Net income (loss) attributable to Baidu

6,436

476

(231)

6,681

5,462

69

(43)

5,488

7,536

229

(133)

7,632

1,074

33

(19)

1,088

  YOY

17 %

(52 %)

14 %

  QOQ

38 %

232 %

39 %

Net margin 

24 %

6 %

19 %

20 %

1 %

16 %

28 %

3 %

23 %

Non-GAAP financial measures:

Operating income (non-GAAP)

6,672

895

7,596

7,005

501

7,500

6,652

370

7,014

948

52

999

  YOY

(0 %)

(59 %)

(8 %)

  QOQ

(5 %)

(26 %)

(6 %)

Operating margin (non-GAAP)

25 %

11 %

22 %

26 %

7 %

22 %

25 %

5 %

21 %

Net income attributable to Baidu (non-

GAAP)

6,956

622

7,267

7,290

247

7,396

5,676

480

5,886

809

68

839

  YOY

(18 %)

(23 %)

(19 %)

  QOQ

(22 %)

94 %

(20 %)

Net margin (non-GAAP)

26 %

8 %

21 %

27 %

3 %

22 %

21 %

7 %

18 %

Adjusted EBITDA

8,513

963

9,505

8,617

536

9,147

8,336

405

8,733

1,188

57

1,244

  YOY

(2 %)

(58 %)

(8 %)

  QOQ

(3 %)

(24 %)

(5 %)

Adjusted EBITDA margin 

32 %

12 %

28 %

32 %

7 %

27 %

31 %

6 %

26 %

(1)  Includes share-based compensation as follows:

 Cost of revenues 

107

32

139

117

29

146

73

31

104

11

4

15

 Selling, general and administrative 

290

68

358

292

93

385

268

60

328

38

9

47

 Research and development 

732

46

778

945

36

981

574

38

612

82

5

87

 Total share-based compensation 

1,129

146

1,275

1,354

158

1,512

915

129

1,044

131

18

149

 (2) Relates to intersegment eliminations and adjustments 

 (3) Relates to the net income attributable to iQIYI noncontrolling interests 

 

 

Baidu, Inc. 

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

September 30, 2023 (RMB)

June 30, 2024 (RMB)

September 30, 2024 (RMB)

September 30, 2024 (US$)

 Baidu

excl. iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

Net cash provided by operating activities

8,694

831

9,525

7,970

409

8,379

4,036

243

4,279

575

35

610

Net cash (used in) provided by investing activities 

(11,345)

(55)

(11,400)

13,824

337

14,161

(12,300)

(1,663)

(13,963)

(1,753)

(237)

(1,990)

Net cash (used in) provided by financing activities

(5,253)

269

(4,984)

(9,946)

869

(9,077)

(2,787)

(2,612)

(5,399)

(397)

(372)

(769)

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

153

5

158

66

22

88

(721)

(84)

(805)

(103)

(12)

(115)

Net (decrease) increase in cash, cash

equivalents and restricted cash 

(7,751)

1,050

(6,701)

11,914

1,637

13,551

(11,772)

(4,116)

(15,888)

(1,678)

(586)

(2,264)

Cash, cash equivalents and restricted cash

  At beginning of period

49,814

5,082

54,896

36,964

6,270

43,234

48,878

7,907

56,785

6,965

1,127

8,092

  At end of period

42,063

6,132

48,195

48,878

7,907

56,785

37,106

3,791

40,897

5,287

541

5,828

Net cash provided by operating activities

8,694

831

9,525

7,970

409

8,379

4,036

243

4,279

575

35

610

Less: Capital expenditures

(3,525)

(4)

(3,529)

(2,090)

(28)

(2,118)

(1,637)

(8)

(1,645)

(233)

(1)

(234)

Free cash flow

5,169

827

5,996

5,880

381

6,261

2,399

235

2,634

342

34

376

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

 

 

Baidu, Inc. 

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  

(In millions except for per ADS information, unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

September 30, 2023 (RMB)

June 30, 2024 (RMB)

September 30, 2024 (RMB)

September 30, 2024 (US$)

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Operating income

5,498

747

6,274

5,608

342

5,944

5,694

239

5,925

811

34

844

Add: Share-based compensation expenses

1,129

146

1,275

1,354

158

1,512

915

129

1,044

131

18

149

Add: Amortization and impairment of intangible assets(1)

45

2

47

43

1

44

43

2

45

6

–

6

Operating income (non-GAAP)

6,672

895

7,596

7,005

501

7,500

6,652

370

7,014

948

52

999

Add:  Depreciation of fixed assets

1,841

68

1,909

1,612

35

1,647

1,684

35

1,719

240

5

245

Adjusted EBITDA

8,513

963

9,505

8,617

536

9,147

8,336

405

8,733

1,188

57

1,244

Net income attributable to Baidu

6,436

476

6,681

5,462

69

5,488

7,536

229

7,632

1,074

33

1,088

Add: Share-based compensation expenses

1,128

146

1,194

1,353

158

1,425

914

129

972

130

18

138

Add: Amortization and impairment of intangible assets(1)

43

2

44

41

1

41

41

2

42

6

–

6

Add: Disposal (gain) loss

(753)

–

(753)

(30)

–

(30)

(1,501)

22

(1,491)

(214)

3

(212)

Add: Impairment of long-term investments

46

–

46

26

17

34

26

91

68

4

13

10

Add: Fair value (gain) loss of long-term investments

(384)

(2)

(385)

531

2

531

(1,361)

7

(1,358)

(194)

1

(194)

Add: Reconciling items on equity method investments(2)

572

–

572

83

–

83

8

–

8

1

–

1

Add: Tax effects on non-GAAP adjustments(3)

(132)

–

(132)

(176)

–

(176)

13

–

13

2

–

2

Net income attributable to Baidu (non-GAAP)

6,956

622

7,267

7,290

247

7,396

5,676

480

5,886

809

68

839

Diluted earnings per ADS

18.22

15.01

21.60

3.08

Add:  Accretion of the redeemable noncontrolling

interests

0.53

0.57

0.01

–

Add:  Non-GAAP adjustments to earnings per ADS

1.65

5.44

(5.01)

(0.71)

Diluted earnings per ADS (non-GAAP)

20.40

21.02

16.60

2.37

(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of

their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments

 

View original content:https://www.prnewswire.com/news-releases/baidu-announces-third-quarter-2024-results-302312583.html

SOURCE Baidu, Inc.

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AvePoint Set to Join S&P SmallCap 600

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NEW YORK, Oct. 27, 2026 /PRNewswire/ — AvePoint Inc. (NASD: AVPT) will replace LXP Industrial Trust (NYSE: LXP) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 2. Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board are acquiring LXP Industrial Trust in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name

Action

Company Name

Ticker

GICS Sector

Nov 2, 2026

S&P SmallCap 600

Addition

AvePoint

AVPT

Information Technology

Nov 2, 2026

S&P SmallCap 600

Deletion

LXP Industrial Trust

LXP

Real Estate

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/avepoint-set-to-join-sp-smallcap-600-302921327.html

SOURCE S&P Dow Jones Indices

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Archera Surpasses $5.6 Billion in Cloud and AI Spend Under Management, Closes Series C Led by Pivot Investment Partners, and Expands Insurance-Backed Cloud Commitments

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The round will help Archera expand its guaranteed cloud commitments, bringing insurance-backed financial protection to companies navigating unpredictable AI and cloud spending. The company has delivered more than $700 million in customer savings and now manages approximately $5.6 billion in annual cloud and AI spend.

BELLEVUE, Wash., Oct. 27, 2026 /PRNewswire/ — As artificial intelligence makes cloud spending harder to predict, companies face an increasingly expensive choice: commit to long-term cloud and AI contracts to unlock significant discounts or preserve flexibility and leave savings on the table. Archera has raised a $15 million Series C to expand its Guaranteed Commitments and change that equation.

The cloud economics company today announced it closed its Series C funding round, led by Pivot Investment Partners, with participation from existing investors including HighSage Ventures. The financing brings Archera’s total funding to $38.3 million. It will support the expansion of Archera’s Guaranteed Commitments and its suite of free cloud cost tools, including its FinOps Agent and MCP.

Insurance-backed financial protection is central to Archera’s next phase of growth. Archera purchased a policy on a surplus lines basis from Crum & Forster Specialty Insurance Company to back its guarantee. This model helps businesses pursue cloud commitment savings while managing the financial risk of usage changes.

The company has delivered more than $700 million in savings to over 2,200 organizations, including PubNub, Art.com, and Astronomer. The thesis behind Archera is simple: companies shouldn’t have to predict AI’s future to commit and save money on today’s infrastructure.

Why Cloud and AI Commitments Need to Change

Cloud providers reward customers who commit to spending over one- to three-year periods with substantial discounts and access to capacity. Historically, those commitments have helped businesses reduce infrastructure costs. But AI is changing the risk and economics of that decision.

A new model launch can multiply GPU spending in months. A more efficient model, a shift in architecture, or a move to a different service can reduce it just as quickly. Long-term commitments that once looked financially sound can become expensive liabilities.

Companies are left choosing between overcommitting and risking unused spend, or undercommitting and missing out on available discounts. Many choose the latter, sacrificing potential savings to preserve flexibility.

Archera believes that the trade-off is unnecessary. Its Guaranteed Commitments provide resource-level cloud and AI discounts with terms as short as 30 days. If usage declines and a covered commitment goes unused, Archera covers the cost under the terms of its guarantee.

The result is a different way to approach cloud purchasing. Businesses can pursue deeper discounts and unlock capacity otherwise gated behind a commitment, without bearing the entire financial consequence when actual usage diverges from forecasts.

Turning Cloud Optimization Into a Financial Product

Traditional cloud cost management tools provide visibility, recommendations, automation, and forecasting, but they can’t eliminate the financial risk of unused commitments. Archera combines its free FinOps platform and Agent with a financial guarantee that addresses inaccurate forecasts.

“Every tool in this market is trying to forecast your cloud usage a little better. We think that’s the wrong bet,” said Aran Khanna, co-founder and CEO of Archera. “Nobody can forecast AI demand, not the customer, not the cloud provider. So instead of predicting it, we guarantee it, and we have purchased an insurance policy to back that guarantee. If covered usage drops, we address the unused commitment cost under the terms of our guarantee. That’s a new way to purchase cloud, not another dashboard, and it’s why we’ve been able to return $700 million to our customers.”

The approach positions cloud commitments as a financial risk decision, helping finance and engineering leaders manage budgets while adapting to changing technology.

Built for CFOs, CTOs, and the Teams Managing AI Costs

The approach addresses a growing challenge across finance and engineering: how to control infrastructure costs without constraining the business.

For CFOs: Capture commitment-level discounts while reducing exposure to eligible unused spend under the guarantee.For CTOs and engineering leaders: Preserve flexibility to adopt new AI models, change architectures, and scale workloads without letting past commitments dictate future decisions.For FinOps teams: Increase commitment coverage with a financial backstop when usage changes, without more back-and-forth with engineering teams to get perfect forecasts.For cloud partners and resellers: Give customers a differentiated way to pursue cloud savings that can be reinvested in new cloud services while managing commitment risk.

Archera’s platform connects to AWS, Microsoft Azure, or Google Cloud billing data in read-only mode and analyzes actual usage. It then recommends and automates the purchasing of both native commitments and Archera Guaranteed Commitments.

Customers can evaluate their potential savings before making any purchasing decision. Commitments remain in the customer’s own cloud account, preserving end-to-end control over cloud purchasing strategy.

Archera earns when customers save through its guaranteed commitments, aligning its commercial model with the outcomes customers seek.

Customers Are Rethinking the Commitment Model

For organizations accustomed to treating cloud commitments as a single, high-stakes decision, Archera offers a more flexible approach.

“Working with Archera meant rethinking commitments as a spectrum rather than a single, high-stakes decision,” said James Hamilton, VP of Operations and Controller at PubNub. “This was a big mind shift for us. We needed to think about how our commitments could be broken up into a spectrum of purchases versus a single one-time buy.”

That flexibility is particularly valuable as companies adopt AI workloads, where technology choices and resource requirements can shift faster than traditional budgeting cycles.

Instead of making one large bet on future usage, businesses can take a more measured approach while still securing meaningful discounts.

A Series C to Expand Insurance-Backed Cloud Purchasing

Archera has been operating profitably at scale. It raised a Series C to support larger guarantees, expand its reach, serve more customers, and upgrade the insurance policies backing its guarantee to serve larger global clients.

The company plans to use the capital in three ways:

Accelerate go-to-market efforts.Expand its global partner network across North America, Europe, the Middle East, Japan, and Latin America.Serve more teams focused on AI-driven workloads.

“Archera has built a capital-efficient and differentiated business at the intersection of cloud infrastructure and risk management,” said Dinkar Jetley, co-founder and managing partner at Pivot Investment Partners. “The team pairs a deep understanding of the cloud ecosystem with a rigorous approach to underwriting, and the result is a compelling value proposition that a fast-growing roster of customers relies on as their cloud spend scales. We are privileged to have led this Series C round and look forward to working closely with Aran and the management team in the years ahead.”

Built by People Who Understand Cloud Infrastructure

Aran and Nikhil Khanna founded Archera in 2019. Aran previously planned capacity for Azure’s core compute and database services at Microsoft and was a founding member of AWS’s deep learning team leading launches, including SageMaker, DeepLens, and the Neuron SDK, behind Amazon’s Trainium and Inferentia AI chips.

His research on deep learning model efficiency has been cited more than 1,900 times, and he serves on the FinOps Foundation governing board.

As AI transforms infrastructure economics, Archera aims to make cloud savings more accessible without forcing businesses to assume unnecessary financial risk.

To explore potential savings, request a free assessment at Archera.ai.

Free savings assessment: https://app.archera.ai/savings-estimate?utm_source=forbes&utm_medium=referral&utm_campaign=series-c-2026

Name: Sarah
Email Address: shiara@archera.ai
Phone Number: +13018255007

View original content to download multimedia:https://www.prnewswire.com/news-releases/archera-surpasses-5-6-billion-in-cloud-and-ai-spend-under-management-closes-series-c-led-by-pivot-investment-partners-and-expands-insurance-backed-cloud-commitments-302921341.html

SOURCE Archera

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Creative Technology Releases Creative XF1, a Hi-Res Extreme Fidelity Speaker that Elevates Every Listening Experience

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SYDNEY, Oct. 28, 2026 /PRNewswire/ — Creative Technology Ltd launches Creative XF1, a new Hi-Res speaker system designed for users who care about both sound quality and aesthetics, and want more vivid music, more cinematic movies, and more engaging listening. Creative XF1 offers sleek design, bi-amplified architecture, 72W RMS output, dual Hi-Res Audio certification, next-gen connectivity, and personalisation with the Creative Nexus app.

Creative XF1 brings out details in music that many compact 2.0 speakers in this price range do not reproduce, from the rasp in a voice to the rumbling bass under a game soundtrack. With a bespoke FEA-optimised 3-inch woofer, Creative XF1 adds extra punch and close-range clarity. The 72W RMS bi-amplified design delivers a clear, powerful sound that is easy on the ear.

“For many of us, the desktop has become the centre of work, entertainment and creation,” said Ernest Sim, CEO and Executive Chairman, Creative Technology Ltd. “Creative XF1 is built to deliver room-filling power with richer depth and clarity, so every note, voice and effect sounds closer, more vivid and more real at your desk.”

Besides advanced connectivity via Bluetooth® 6.0, USB audio, and AUX input, users can also connect a subwoofer for richer bass and an easy 2.1 upgrade.

Crafted by in-house audio specialists, the Creative Nexus app offers a 10-band parametric EQ and 120+ presets for different music genres and games. Users can personalise their sound for focused work, movie nights, gaming sessions, or unwinding, all from one intuitive interface.  

Pricing and availability

Creative XF1 is priced at A$339.95, and is available at creative.com.

About Creative
Since its founding in 1981, Creative Technology has been driven by a singular mission: to reimagine the way the world experiences sound. Creative introduced the groundbreaking Sound Blaster®, the invention that gave personal computers the gift of sound — and forever changed the landscape of PC multimedia.

Guided by a legacy of bold ideas and breakthrough technologies, Creative continues to lead at the intersection of engineering and imagination.

At its core, Creative remains committed to pushing the boundaries of what audio can achieve — enriching lives, elevating experiences, and defining what’s next in sound.

This announcement relates to products launched in Australia. Availability is subject to change without notice and may differ elsewhere in the world according to local factors and requirements. Creative, and the Creative logo, are trademarks or registered trademarks of Creative Technology Ltd in the United States and/or other countries. The Bluetooth® word mark and logo are registered trademarks owned by Bluetooth SIG, Inc. and any use of such marks by Creative Technology Ltd is under license. All other trademarks are the property of their respective owners. All rights reserved.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/creative-technology-releases-creative-xf1-a-hi-res-extreme-fidelity-speaker-that-elevates-every-listening-experience-302920706.html

SOURCE Creative Technology Ltd

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