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Baidu Announces Third Quarter 2024 Results

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1 year ago

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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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HFS Research Launches Data Intelligence Suite, Delivering Proprietary Enterprise Intelligence Across AI, GCCs, Buyer Sentiment, and Pricing

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43 minutes ago

on

April 28, 2026

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New suite transforms proprietary datasets on AI, global operations, and enterprise investment into actionable intelligence for business leaders

NEW YORK, April 28, 2026 /PRNewswire/ — HFS Research, a leading global research and advisory firm, today announced the upcoming launch of its HFS Data Intelligence Suite, a new set of proprietary intelligence assets designed to help enterprise leaders move beyond fragmented insights and make decisions grounded in real-world data. The suite will be formally launched on May 5, 2026.

As enterprises face increasing pressure to make faster, higher-stakes decisions, many continue to rely on incomplete or inconsistent data, often spread across internal sources, vendor narratives, and static research. While access to information has increased, confidence in that information has not kept pace.

The HFS Data Intelligence Suite addresses this gap by bringing together HFS’s proprietary datasets into a unified, accessible platform that reflects what is actually happening across enterprise technology and operations.

The suite includes:

A library of more than 1,800 real-world AI deployments, enabling leaders to identify what is delivering measurable outcomes across industries and functionsIntelligence on over 1,500 Global Capability Centers (GCCs), providing visibility into how enterprises are structuring and evolving their global operationsThe Enterprise Mandate Index, built on more than 500,000 data points, offering a data-driven view of enterprise priorities and investment trendsThe HFS / HEX Benchmark Suite, delivering independent benchmarks for pricing and performance across services and technology engagements

Together, these assets provide enterprise leaders with a clearer, more comprehensive view of market activity, supporting decisions across AI investment, global operating models, sourcing strategy, and commercial performance.

According to Ashish Chaturvedi, Executive Research Leader at HFS Research and lead for the initiative, “Enterprises are not lacking in data, they’re lacking in usable, connected intelligence. With the Data Intelligence Suite, we are bringing together our proprietary datasets in a way that allows leaders to move beyond isolated insights and see the full picture. This is about enabling faster, more confident decision-making based on what is actually happening in the market.”

The launch of the Data Intelligence Suite reflects a broader evolution in the HFS model—from delivering research and analysis to providing structured, interactive intelligence that can be directly applied to enterprise decisions.

“The analyst model is being overtaken by a simple reality: if your insights aren’t grounded in real data, they won’t survive AI scrutiny,” said Phil Fersht, CEO and Chief Analyst at HFS Research. “This is our move to put proprietary intelligence at the core of how HFS delivers value. The future isn’t more reports, it’s decision-grade intelligence leaders can actually act on.”

Saurabh Gupta, President at HFS Research, added, “The traditional analyst business model is under pressure. Seventy to eighty percent of what analysts produce can now be found through AI tools. The Data Intelligence Suite represents the other twenty percent: proprietary, structured, verified data that enterprises cannot get anywhere else.”

The HFS Data Intelligence Suite will formally launch on May 5, 2026, with demonstrations and previews already being offered to select enterprise leaders and early access provided to a subset of clients. The suite will be available to subscribers, with premium tiers and advisory add-ons for deeper engagement.

About HFS Research
HFS Research is a leading global research and advisory firm helping Fortune 500 companies navigate IT and business transformation. With a focus on bold insights and practical strategies, HFS empowers enterprises to make confident decisions through deep research, demand-side data, and direct engagement with industry leaders. For more information, visit www.hfsresearch.com.

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SOURCE HFS Research

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ContractorHUB Announces Strategic Investment from Webrunner Media to Deliver End-to-End Growth Infrastructure for Contractors

Published

44 minutes ago

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April 28, 2026

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Strategic partnership aligns marketing and operations to help contractors attract, convert, and operate more effectively, supported by strategic investment from Webrunner Media.

NASHVILLE, Tenn., April 28, 2026 /PRNewswire/ — ContractorHUB, an AI-native operating system built to help contracting businesses scale, announced a strategic partnership with Webrunner Media, a leading full-stack marketing agency for contracting businesses. The partnership will improve access to quality growth solutions for contractors by connecting expertise in customer acquisition to advanced business operations technology.

As part of the partnership, Webrunner Media‘s founding team has also made a strategic investment in ContractorHUB, reinforcing a shared commitment to building long-term infrastructure that supports sustainable growth for contractors.

Together, the companies aim to create a new category of end-to-end growth infrastructure for contractors—an integrated foundation that helps contractors not only generate stronger demand, but effectively convert that demand into revenue while improving profitability.

Delivering a Better Growth Solution for Contractors

Contractors today often rely on disconnected tools and service providers to manage different parts of their business. Marketing platforms generate leads, while operational systems manage execution, creating gaps between demand generation, delivery and attribution.

This fragmentation can lead to inefficiencies, missed opportunities, and the inability to truly measure performance. The partnership between ContractorHUB and Webrunner Media is built to close that gap.

By aligning Webrunner’s performance-driven marketing expertise with ContractorHUB’s intelligent operational platform, contractors gain a more integrated approach to growth.

“Contractors don’t just need more leads, they need a complete system to turn demand into growth,” said Sarah Parks, Co-Founder & CEO of ContractorHUB. “This partnership allows us to better connect marketing and operations for our customers, while also bringing Webrunner’s expertise directly into our product strategy, so we can build smarter, more impactful tools for contractors.”

Setting a New Standard for the Contracting Industry

The collaboration between ContractorHUB and Webrunner Media represents a shift in the home services technology landscape toward more connected, ecosystem-driven solutions.

By combining marketing execution with operational infrastructure, the partnership enables:

improved visibility across the customer lifecyclestreamlined access to customer acquisition solutionsmore efficient conversion of leads into revenuedirect input from a leading contractor marketing firm into ContractorHUB’s product strategy

This integrated approach provides contractors with stronger tools while reducing friction across their workflows.

Matt Parks, ContractorHUB Founder and Chief Product and Innovation Officer said, “Not only does this alignment solve fragmentation problems for customers, but it breeds innovative new solutions as we collaborate with Webrunner to drive product advances, too. It’s rare to have experts in both operational excellence and customer acquisition at the same product development table, and we’re excited to put that expertise to work for our customers.”

Strategic Investment Signals Continued Momentum

Webrunner Media’s investment follows ContractorHUB’s latest round of funding, which included an earlier operator-led investment from contracting business owners actively using the platform, as part of a rolling close.

“We work closely with contractors across North America and see firsthand where technology falls short,” said Marc Levesque, Co-Founder and CEO of Webrunner Media. “What stood out about ContractorHUB was how clearly Matt and Sarah understand those challenges, and how effectively the product is already solving them in the field. That gave us immediate confidence in both the solution and the team, and we’re excited to support what we believe is a meaningful step forward for the industry.”

This combination of operator investment by customers and ecosystem investment from an industry partner reflects a deliberate approach to building alongside the end user and key service providers in contracting.

Building a Foundation for Long-Term Growth

ContractorHUB believes the future of the industry will be defined by platforms that unify how contractors operate their businesses.

The company expects its partnership with Webrunner Media to serve as a foundation for deeper collaboration across marketing, operations, and performance management, while continuing to expand its strategic partnerships across the contracting and home service ecosystem.

About ContractorHUB

ContractorHUB was built from firsthand experience to help small businesses run smarter, more human-centered organizations that give people back their most valuable asset—time. It is an AI-native software platform that enables home service businesses to scale with confidence by centralizing everything they need in one place.

About Webrunner Media

Webrunner Media is a full-service digital marketing agency helping contractors scale with confidence. Specializing in SEO, PPC, Web Design, and Marketing Automation, Webrunner delivers the strategy and execution contractors need to grow — and has become the trusted marketing partner for 100+ contractors pursuing long-term, sustainable growth.

Media Contact:

Sarah Parks
Co-Founder, CEO
sjp@contractorhub.app

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SOURCE ContractorHUB

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Brooklyn Steel Co. Expands into Home Electrics with Launch of All-in-One Espresso Machine

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44 minutes ago

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April 28, 2026

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NEW YORK, Apr. 28, 2026 /PRNewswire/ — Responding to the growing demand for elevated, café-quality experiences within the home, Brooklyn Steel Co. is expanding its presence in home electrics with today’s launch of its first at-home espresso machine. This introduction marks a new chapter for the brand, moving beyond cookware and kitchen essentials to offer thoughtfully designed home coffee solutions.

Combines professional-grade features with accessible pricing, alongside the launch of a newly redesigned website

In tandem with the product launch, Brooklyn Steel Co. has also unveiled a newly redesigned website, created to reflect the brand’s expanded focus on at-home coffee and provide a more immersive, streamlined shopping experience. To explore the new espresso machine and complementary accessories, visit www.brooklynsteelco.com.

“This launch marks a new chapter for Brooklyn Steel Co. as we expand into home coffee,” said Allison Picard, Product Development Manager at Core Home. “We designed this machine to deliver consistent, café-style performance at home in a way that is straightforward and easy to use.”

Redefining the At-Home Coffee Experience

The Brooklyn Steel Co. Talos 20 is designed to transform daily coffee rituals, making them more intentional, personal, and accessible. Built for both beginners and aspiring home baristas, the machine combines precision engineering with an intuitive, all-in-one design, eliminating the need for multiple devices.

Positioned to compete with higher-end machines at a more accessible price point, the Talos 20 espresso machine delivers a balance of performance, design, and value, allowing customers to build a complete at-home café experience complemented by a growing collection of accessories.

Precision Engineering for Professional Results

The Talos 20 sets itself apart by integrating professional-grade performance into a streamlined design. 

Key Features at a Glance

Integrated Conical Burr Grinder (27 settings) for precise, fresh grindingProgrammable Grind, Extraction & Temperature to save your preferred settings and deliver consistent espresso automatically with every use20-Bar Italian Pump for rich, café-quality espressoPID Temperature Control + Dual Thermoblock System for consistent heat and faster transitions360° Steam Wand for microfoam milk and latte artReal-Time Pressure Gauge for dialing in espresso extraction

Together, these features create a streamlined system that supports consistent espresso extraction, stable temperature control, and precise milk texturing—all within a single, integrated machine.

Unlike many entry-level options, the Talos 20 includes a commercial-size 58mm portafilter and a full suite of barista tools—including a bean hopper, hopper extender, milk pitcher, dosing ring, tamper, tamping mat, single and double filter baskets, and cleaning tools—providing a complete setup out of the box and bridging the gap between accessibility and professional performance.

The Brooklyn Steel Co. Talos 20 is available for purchase directly through the company’s website and on Amazon, retailing for $499 with free shipping. For more information, visit www.brooklynsteelco.com.

Brooklyn Steel Co. is a New York-based brand known for thoughtfully designed cookware and kitchen essentials. With a focus on elevating everyday rituals, the brand creates products that bring intention and style into daily routines.

With its first espresso machine and newly launched website experience, Brooklyn Steel Co. brings its focus on design and performance into the at-home coffee category, offering customers a more seamless and elevated way to shop and brew.

Brooklyn Steel Co. is part of Core Home, a global housewares company known for developing innovative products across kitchen, hydration, and home categories. Learn more at www.brooklynsteelco.com.

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SOURCE Core Home

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