Technology

Baidu Announces First Quarter 2025 Results

Published

1 year ago

May 21, 2025

BEIJING, May 21, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2025.

“Baidu Core revenue grew 7% year over year in the first quarter, driven by the accelerating momentum of AI Cloud, which surged 42% year over year. The strong performance of our AI Cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage. We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi, reinforcing our commitment to bringing safe, comfortable, and affordable autonomous ride-hailing services to global markets,” said Robin Li, Co-founder and CEO of Baidu. “We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era.”

“AI Cloud continued its robust growth in the first quarter, which provides solid support to our overall revenue while we accelerate the AI transformation across our mobile ecosystem,” said Junjie He, Interim CFO of Baidu. “Looking ahead, we are strongly committed to investing in AI to translate our technological strengths into sustainable long-term growth.”

First Quarter 2025 Financial Highlights[1]

Baidu, Inc.

(In millions except per

ADS, unaudited)

2024

2025

YOY

QOQ

RMB

US$

Total revenues

31,513

34,124

32,452

4,472

3 %

(5 %)

Operating income

5,484

3,917

4,508

621

(18 %)

15 %

Operating income (non-GAAP) [2]

6,673

5,047

5,333

735

(20 %)

6 %

Net income to Baidu

5,448

5,192

7,717

1,063

42 %

49 %

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

7,011

6,709

6,469

891

(8 %)

(4 %)

Diluted earnings per ADS

14.91

14.26

21.59

2.98

45 %

51 %

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

19.91

19.18

18.54

2.55

(7 %)

(3 %)

Adjusted EBITDA [2]

8,244

6,954

7,209

993

(13 %)

4 %

Adjusted EBITDA margin

26 %

20 %

22 %

Baidu Core

(In millions, unaudited)

2024

2025

YOY

QOQ

RMB

US$

Total revenues

23,803

27,698

25,463

3,509

7 %

(8 %)

Operating income

4,538

3,638

4,164

574

(8 %)

14 %

Operating income (non-GAAP) [2]

5,586

4,647

4,872

671

(13 %)

5 %

Net income to Baidu Core

5,150

5,283

7,633

1,052

48 %

44 %

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

6,628

6,741

6,330

872

(4 %)

(6 %)

Adjusted EBITDA[2]

7,118

6,516

6,712

925

(6 %)

3 %

Adjusted EBITDA margin

30 %

24 %

26 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2567 as of March 31, 2025, 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

Baidu released ERNIE 4.5, its first flagship foundation model with multimodal capabilities, and ERNIE X1, its first reasoning model, in March 2025. Baidu launched enhanced versions, ERNIE 4.5 Turbo and ERNIE X1 Turbo, in April, delivering improved performance at significantly lower pricing.Apollo Go received Gold in the Driverless Vehicles category at the 2025 Edison Awards, recognizing it as China’s largest autonomous ride-hailing service.Baidu ranked second in Asia Pacific on Fast Company’s 2025 Most Innovative Companies list, following DeepSeek, and was recognized for “deploying the world’s largest autonomous driving experiment.”Baidu held China’s largest portfolio of AI-related patents and patent applications across various areas, including foundation models and AI agents, as of December 31, 2024, according to a recent report by CICS-CERT, a research institute under the Ministry of Industry and Information Technology.Baidu released its annual ESG Report on April 28, 2025, which details Baidu’s latest ESG policies and sustainability initiatives (https://esg.baidu.com/Uploads/Baidu_2024_ESG_Report.pdf).Baidu has returned US$445 million to shareholders since the beginning of Q1 2025, bringing the cumulative repurchase to US$2.1 billion under the 2023 share repurchase program.

AI Cloud

Baidu upgraded its MaaS platform, Qianfan, with an expanded model library and more comprehensive toolkits, extending support for the training and fine-tuning of multimodal and reasoning models to further facilitate AI-native application development.Baidu officially released version 3.0 of its deep learning framework, PaddlePaddle, in April 2025.

Intelligent Driving

Apollo Go, Baidu’s autonomous ride-hailing service, expanded into Dubai and Abu Dhabi in March 2025. In May, Apollo Go commenced open-road validation testing in Dubai.Apollo Go entered into a long-term strategic partnership with CAR Inc., China’s leading auto rental service provider, in May 2025 to launch fully autonomous vehicle rental services.Apollo Go obtained permission to conduct open-road testing with designated passengers in Hong Kong in April 2025.Apollo Go provided over 1.4 million rides in the first quarter of 2025, up 75% year over year, underscoring the accelerating momentum of its scaled operations. As of May 2025, the cumulative rides provided to the public by Apollo Go surpassed 11 million.

Mobile Ecosystem

In March 2025, Baidu App’s MAUs reached 724 million, up 7% year over year.Managed Page accounted for 47% of Baidu Core’s online marketing revenue in the first quarter of 2025.

First Quarter 2025 Financial Results

Total revenues were RMB32.5 billion ($4.47 billion), increasing 3% year over year.

Revenue from Baidu Core was RMB25.5 billion ($3.51 billion), increasing 7% year over year; online marketing revenue was RMB16.0 billion ($2.21 billion), decreasing 6% year over year, and non-online marketing revenue was RMB9.4 billion ($1.30 billion), up 40% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.2 billion ($990 million), decreasing 9% year over year.

Cost of revenues was RMB17.5 billion ($2.41 billion), increasing 14% year over year, primarily due to an increase in costs related to AI Cloud business and traffic acquisition costs.

Selling, general and administrative expenses were RMB5.9 billion ($815 million), increasing 10% 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 RMB4.5 billion ($626 million), decreasing 15% year over year, primarily due to a decrease in personnel-related expenses.

Operating income was RMB4.5 billion ($621 million). Baidu Core operating income was RMB4.2 billion ($574 million), and Baidu Core operating margin was 16%. Non-GAAP operating income was RMB5.3 billion ($735 million). Non-GAAP Baidu Core operating income was RMB4.9 billion ($671 million), and non-GAAP Baidu Core operating margin was 19%.

Total other income, net was RMB4.5 billion ($618 million), increasing 260% year over year, mainly due to an increase in fair value gain and pickup of earnings from long-term investments, partially offset by the decrease in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expense was RMB1.2 billion ($162 million), compared to RMB883 million for the same period last year.

Net income attributable to Baidu was RMB7.7 billion ($1.06 billion), and diluted earnings per ADS was RMB21.59 ($2.98). Net income attributable to Baidu Core was RMB7.6 billion ($1.05 billion), and net margin for Baidu Core was 30%. Non-GAAP net income attributable to Baidu was RMB6.5 billion ($891 million). Non-GAAP diluted earnings per ADS was RMB18.54 ($2.55). Non-GAAP net income attributable to Baidu Core was RMB6.3 billion ($872 million), and non-GAAP net margin for Baidu Core was 25%.

Adjusted EBITDA was RMB7.2 billion ($993 million) and adjusted EBITDA margin was 22%. Adjusted EBITDA for Baidu Core was RMB6.7 billion ($925 million) and adjusted EBITDA margin for Baidu Core was 26%.

As of March 31, 2025, cash, cash equivalents, restricted cash and short-term investments were RMB142.0 billion ($19.57 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB136.7 billion ($18.84 billion). Free cash flow was negative RMB8.9 billion (negative $1.23 billion), and free cash flow excluding iQIYI was negative RMB9.2 billion (negative $1.27 billion), mainly due to an increase of investment in AI business. We define net cash position as total cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and others, less total loans, convertible senior notes, and notes payable. As of March 31, 2025, net cash position for Baidu was RMB159.0 billion.

Conference Call Information

Baidu’s management will hold an earnings conference call 8.00 AM on May 21, 2025, U.S. Eastern Time (8.00 PM on May 21, 2025, 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. Q1 2025 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/10046864-38s6ff.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 (loss) 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 or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, 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

March 31,

December 31,

March 31,

2024

2025

RMB

US$(2)

Revenues:

Online marketing services

18,490

19,340

17,306

2,385

Others

13,023

14,784

15,146

2,087

Total revenues

31,513

34,124

32,452

4,472

Costs and expenses:

Cost of revenues(1)

15,291

18,014

17,487

2,410

Selling, general and administrative(1)

5,375

6,678

5,913

815

Research and development(1)

5,363

5,515

4,544

626

Total costs and expenses

26,029

30,207

27,944

3,851

Operating income

5,484

3,917

4,508

621

Other income:

Interest income

2,091

2,001

2,664

367

Interest expense

(766)

(643)

(801)

(110)

Foreign exchange gain (loss), net

401

1,678

(210)

(29)

Share of (losses) earnings from equity method investments

(205)

(399)

574

Others, net

(275)

2,260

311

Total other income, net

1,246

2,660

4,487

618

Income before income taxes

6,730

6,577

8,995

1,239

Income tax expense

883

1,619

1,177

162

Net income

5,847

4,958

7,818

1,077

Net income (loss) attributable to noncontrolling interests

399

(234)

101

Net income attributable to Baidu

5,448

5,192

7,717

1,063

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

-Basic

14.97

14.41

21.86

3.01

-Diluted

14.91

14.26

21.59

2.98

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

-Basic

1.87

1.80

2.73

0.38

-Diluted

1.86

1.78

2.70

0.37

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

-Basic

2,804

2,775

2,751

-Diluted

2,816

2,783

2,762

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

Cost of revenues

108

103

Selling, general and administrative

417

297

313

Research and development

618

685

361

Total share-based compensation expenses

1,143

1,085

751

104

(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31,

2025 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,

March 31,

2024

2025

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

24,832

49,202

6,780

Restricted cash

11,697

238

Short-term investments, net

102,608

92,567

12,756

Accounts receivable, net

10,104

11,078

1,527

Amounts due from related parties

790

743

102

Other current assets, net

18,818

22,001

3,032

Total current assets

168,849

175,829

24,230

Non-current assets:

Fixed assets, net

30,102

30,691

4,229

Licensed copyrights, net

6,930

6,487

894

Produced content, net

14,695

14,372

1,981

Intangible assets, net

772

2,588

357

Goodwill

22,586

37,637

5,187

Long-term investments, net

41,721

43,470

5,990

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

98,535

106,212

14,636

Amounts due from related parties

137

266

Deferred tax assets, net

2,193

2,171

299

Operating lease right-of-use assets

10,898

11,203

1,544

Receivables related to the proposed acquisition of YY Live, net

13,547

–

Other non-current assets

16,815

23,056

3,176

Total non-current assets

258,931

278,153

38,330

Total assets

427,780

453,982

62,560

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,669

7,724

1,064

Accounts payable and accrued liabilities

41,443

38,770

5,342

Customer deposits and deferred revenue

14,624

13,909

1,917

Deferred income

684

611

Long-term loans, current portion

168

560

Convertible senior notes, current portion

242

2,133

294

Notes payable, current portion

8,026

7,986

1,101

Amounts due to related parties

1,794

1,683

232

Operating lease liabilities

3,303

3,488

481

Total current liabilities

80,953

76,864

10,592

Non-current liabilities:

Deferred income

231

191

Deferred revenue

585

665

Amounts due to related parties

Long-term loans

15,596

16,072

2,215

Notes payable

27,996

52,202

7,194

Convertible senior notes

8,351

6,775

934

Deferred tax liabilities

3,870

4,011

553

Operating lease liabilities

4,973

5,113

705

Other non-current liabilities

1,557

1,964

269

Total non-current liabilities

63,215

87,044

11,995

Total liabilities

144,168

163,908

22,587

Redeemable noncontrolling interests

9,870

10,067

1,387

Equity

Total Baidu shareholders’ equity

263,620

269,747

37,172

Noncontrolling interests

10,122

10,260

1,414

Total equity

273,742

280,007

38,586

Total liabilities, redeemable noncontrolling interests, and equity

427,780

453,982

62,560

Baidu, Inc.

Selected Information

(In millions, unaudited)

Three months ended

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (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

23,803

7,927

(217)

31,513

27,698

6,613

(187)

34,124

25,463

7,186

(197)

32,452

3,509

990

(27)

4,472

YOY

7 %

(9 %)

3 %

QOQ

(8 %)

9 %

(5 %)

Costs and expenses:

Cost of revenues (1)

9,839

5,631

(179)

15,291

13,180

4,995

(161)

18,014

12,246

5,406

(165)

17,487

1,688

745

(23)

2,410

Selling, general and administrative (1)

4,492

922

(39)

5,375

5,816

882

(20)

6,678

4,921

1,026

(34)

5,913

678

141

(4)

815

Research and development (1)

4,934

429

–

5,363

5,064

451

–

5,515

4,132

412

–

4,544

569

–

626

Total costs and expenses

19,265

6,982

(218)

26,029

24,060

6,328

(181)

30,207

21,299

6,844

(199)

27,944

2,935

943

(27)

3,851

YOY

Cost of revenues

24 %

(4 %)

14 %

Selling, general and administrative

10 %

11 %

10 %

Research and development

(16 %)

(4 %)

(15 %)

Costs and expenses

11 %

(2 %)

7 %

Operating income

4,538

945

5,484

3,638

285

(6)

3,917

4,164

342

4,508

574

–

621

YOY

(8 %)

(64 %)

(18 %)

QOQ

14 %

20 %

15 %

Operating margin

19 %

12 %

17 %

13 %

4 %

11 %

16 %

5 %

14 %

Add: total other income (loss), net

1,508

(262)

–

1,246

3,125

(465)

–

2,660

4,602

(115)

–

4,487

634

(16)

–

618

Less: income tax expense

866

–

883

1,612

–

1,619

1,136

–

1,177

156

–

162

Less: net income (loss) attributable to NCI

358(3)

399

(132)

(104)(3)

(234)

(3)

100(3)

101

–

13(3)

Net income (loss) attributable to Baidu

5,150

655

(357)

5,448

5,283

(189)

5,192

7,633

182

(98)

7,717

1,052

(13)

1,063

YOY

48 %

(72 %)

42 %

QOQ

44 %

–

49 %

Net margin

22 %

8 %

17 %

19 %

(3 %)

15 %

30 %

3 %

24 %

Non-GAAP financial measures:

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

735

YOY

(13 %)

(58 %)

(20 %)

QOQ

5 %

13 %

6 %

Operating margin (non-GAAP)

23 %

14 %

21 %

17 %

6 %

15 %

19 %

6 %

16 %

Net income (loss) attributable to Baidu (non-GAAP)

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

891

YOY

(4 %)

(64 %)

(8 %)

QOQ

(6 %)

–

(4 %)

Net margin (non-GAAP)

28 %

11 %

22 %

24 %

(1 %)

20 %

25 %

4 %

20 %

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

993

YOY

(6 %)

(56 %)

(13 %)

QOQ

3 %

11 %

4 %

Adjusted EBITDA margin

30 %

14 %

26 %

24 %

7 %

20 %

26 %

7 %

22 %

(1) Includes share-based compensation as follows:

Cost of revenues

108

103

Selling, general and administrative

353

417

240

297

257

313

Research and development

575

618

652

685

329

361

Total share-based compensation

1,004

139

1,143

966

119

1,085

636

115

751

104

(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

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

Baidu

excl.

iQIYI

Baidu,

Inc.

Baidu

excl.

iQIYI

Baidu,

Inc.

Baidu

excl.

iQIYI

Baidu,

Inc.

Baidu

excl.

iQIYI

Baidu,

Inc.

Net cash provided by (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

(827)

Net cash used in investing activities

(2,893)

(223)

(3,116)

(4,741)

(896)

(5,637)

(1,175)

(30)

(1,205)

(162)

(4)

(166)

Net cash provided by (used in) financing activities

2,126

261

2,387

(1,784)

114

(1,670)

19,639

860

20,499

2,706

119

2,825

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

154

169

582

643

(5)

(1)

(6)

(1)

–

(1)

Net increase (decrease) in cash, cash

equivalents and restricted cash

4,671

989

5,660

(4,107)

(201)

(4,308)

12,119

1,168

13,287

1,669

162

1,831

Cash, cash equivalents and restricted cash

At beginning of period

32,293

5,281

37,574

37,106

3,791

40,897

32,999

3,590

36,589

4,547

495

5,042

At end of period

36,964

6,270

43,234

32,999

3,590

36,589

45,118

4,758

49,876

6,216

657

6,873

Net cash provided by (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

(827)

Less: Capital expenditures

(2,016)

(22)

(2,038)

(2,312)

(21)

(2,333)

(2,869)

(31)

(2,900)

(395)

(4)

(399)

Free cash flow

3,268

914

4,182

(476)

499

(9,209)

308

(8,901)

(1,269)

(1,226)

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

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Operating income

4,538

945

5,484

3,638

285

3,917

4,164

342

4,508

574

621

Add: Share-based compensation expenses

1,004

139

1,143

966

119

1,085

636

115

751

104

Add: Amortization and impairment of intangible assets(1)

–

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

735

Add: Depreciation of fixed assets

1,532

1,571

1,869

1,907

1,840

1,876

254

258

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

993

Net income (loss) attributable to Baidu

5,150

655

5,448

5,283

(189)

5,192

7,633

182

7,717

1,052

1,063

Add: Share-based compensation expenses

1,003

139

1,066

965

119

1,019

635

115

687

Add: Amortization and impairment of intangible assets(1)

–

Add: Disposal (gain) loss

(458)

–

(458)

–

(91)

–

(91)

(13)

–

(13)

Add: Impairment of long-term investments

–

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

exchangeable bonds

725

(23)

714

(288)

(5)

(290)

(1,889)

(2)

(1,890)

(260)

–

(260)

Add: Reconciling items on equity method investments(2)

280

–

280

679

–

679

(66)

(64)

(9)

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

(150)

–

(150)

(30)

–

(30)

–

Net income (loss) attributable to Baidu (non-GAAP)

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

891

Diluted earnings per ADS

14.91

14.26

21.59

2.98

Add: Accretion of the redeemable noncontrolling interests

0.55

0.57

0.08

Add: Non-GAAP adjustments to earnings per ADS

4.45

4.37

(3.62)

(0.51)

Diluted earnings per ADS (non-GAAP)

19.91

19.18

18.54

2.55

(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.

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SOURCE Baidu, Inc.

Technology

Autonomous Defense Technologies Set to Ignite a Nearly $200 Billion Global Market

Published

58 minutes ago

July 23, 2026

AI-Powered Military Drones, Autonomous Platforms, and Next-Generation Defense Systems Are Fueling One of the Fastest-Growing Opportunities in Aerospace and Defense

NEW YORK, July 23, 2026 /PRNewswire/ — Market News Updates News Commentary – Around the globe, the defense industry is quickly adopting autonomous technologies, with governments investing significantly in artificial intelligence, unmanned systems, advanced sensors, and self-directed decision-making capabilities. Military forces are on the lookout for technologies that can swiftly gather intelligence, function in dangerous settings without risking personnel, and respond promptly to threats. Unmanned aerial vehicles (UAVs) utilizing autonomous AI are increasingly crucial in modern military operations, proficient in various tasks such as reconnaissance, surveillance, target identification, electronic warfare, logistics support, and precision strike missions with minimal human intervention. As artificial intelligence advances, these sophisticated systems are expected to improve their efficiency in managing drone swarms, sharing battlefield information, and swiftly adjusting to changing combat situations. Companies leading the Autonomous and AI technology Defense Operations boom include: VisionWave Holdings Inc. (NASDAQ: VWAV), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), AeroVironment, Inc. (NASDAQ: AVAV), AEVEX Corp. (NYSE: AVEX), Sidus Space, Inc. (NASDAQ: SIDU).

There is also a rapid expansion in financial opportunities. Fortune Business Insights forecasts substantial growth in the global Autonomous Defense Platforms Market, with a projected increase from approximately US$69.77 billion in 2026 to US$198.87 billion by 2034, indicating a robust compound annual growth rate of 14.0%. Additionally, the firm anticipates a surge in the global Military Drone Market from US$22.49 billion in 2026 to US$52.31 billion by 2034, showing an 11.1% compound annual growth rate. With rising defense budgets and a focus on AI-enhanced military capabilities, companies specializing in autonomous aircraft, AI software, advanced sensors, cybersecurity platforms, navigation systems, and cutting-edge battlefield technologies are well positioned to capitalize on these expanding markets.

The widespread integration of autonomous AI UAVs is revolutionizing military strategies and operations. Instead of relying on individual aircraft, armed forces are increasingly deploying coordinated fleets of intelligent drones capable of monitoring vast areas, identifying targets, transmitting secure communications, and offering real-time situational awareness to ground troops. Advancements in machine learning, computer vision, edge computing, and secure battlefield networking are empowering these systems to autonomously process large amounts of data, thereby reducing the workload on operators and increasing mission success. As global tensions rise and defense modernization remains a top priority worldwide, autonomous defense technologies are expected to be one of the fastest-growing sectors in the military industry in the coming decade.

VisionWave (NASDAQ: VWAV) and Meteor Aerospace Leadership Advance Integration Planning for AI-Enabled Multi-Domain Defense Technologies Following Previously Announced Acquisition Agreement — VisionWave Holdings Inc. (“VisionWave” or the “Company”) a defense technology company developing advanced artificial intelligence, autonomous systems and next-generation security technologies, today announced that its executive leadership team has completed a strategic technology and integration working session with the leadership of Meteor Aerospace Ltd. in Israel following the Company’s previously announced acquisition agreement to acquire a controlling interest in Meteor Aerospace. Completion of the transaction remains subject to the closing conditions described below.

The executive meetings represent an important milestone in the transaction process as both companies continue advancing technical, operational and commercial integration planning while progressing toward satisfaction of the closing conditions described below.

During the visit, VisionWave executives conducted comprehensive reviews of Meteor Aerospace’s expanding portfolio of advanced defense technologies, including tactical and strategic unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), unmanned surface vessels (USVs), electronic warfare (EW) and SIGINT technologies, precision strike systems, C4ISR platforms and integrated sovereign defense architectures.

The working sessions included executive strategy meetings, engineering reviews, technology demonstrations, manufacturing assessments and product roadmap discussions focused on identifying opportunities to accelerate innovation, expand international commercialization and strengthen VisionWave’s multi-domain defense technology platform.

Meteor Aerospace presented video documentation of field tests and demonstrations of its products, including flights of the Impact-700 UAV at the Bar Yehuda airfield near the Dead Sea in Israel, that were done with the regulatory monitoring and approval of the Israeli Aviation Authority.

For operational security reasons, the meetings were conducted at a confidential location, and additional details regarding attendees and facilities are not being disclosed.

Douglas Davis, Executive Chairman and Chief Executive Officer of VisionWave Holdings, stated: “Visiting Meteor Aerospace and working directly alongside its leadership and engineering teams reinforced what we recognized when we entered into the acquisition agreement. Meteor has developed a highly differentiated portfolio of autonomous systems, electronic warfare technologies, and integrated battlefield capabilities supported by a team with decades of aerospace engineering experience. Seeing these technologies firsthand further strengthened our confidence in the strategic opportunity this transaction represents.”

Mr. Davis continued: “Our integration planning, in preparation for a potential closing, is well underway. By bringing together VisionWave’s expertise in artificial intelligence, advanced sensing and computational technologies with Meteor’s capabilities across autonomous platforms, C4ISR, precision defense technologies and sovereign defense architectures, we believe we are building a next-generation defense technology platform positioned to address rapidly growing global demand for integrated battlefield solutions, autonomous systems and national security modernization.”

Throughout the visit, executives from both organizations evaluated opportunities to align technology development, manufacturing capabilities, international business development initiatives and long-term product strategies as part of VisionWave’s integration planning process.

The meetings also provided both leadership teams with the opportunity to establish integration priorities across engineering, operations, commercialization and future product development while preparing for the successful completion of the proposed transaction.

As previously announced, completion of the acquisition remains subject to a number of conditions for VisionWave’s satisfactory completion of legal, financial, operational, technical, aerospace, cybersecurity, export control, intellectual property and commercial due diligence, receipt of any applicable regulatory approvals and satisfaction of other customary closing conditions. There can be no assurance that the closing conditions will be satisfied, or that the transaction will be completed on the anticipated timeline or at all. Continued… Read this full release and additional news for VWAV by visiting: https://www.vwav.inc/newsroom/

Why Investors Are Watching the UAV / Autonomous / AI Military Operations Industries:

Autonomous AI-powered UAVs becoming standard assets for ISR and combat support missionsRising global defense spending focused on artificial intelligence and autonomous warfareGrowing adoption of autonomous drone swarms and collaborative mission capabilitiesIncreased demand for real-time intelligence, surveillance, and reconnaissance (ISR)Continued advances in machine learning, computer vision, edge computing, and autonomous navigationExpansion of electronic warfare, cybersecurity, and secure battlefield communicationsDefense modernization programs accelerating across North America, Europe, and the Indo-PacificGrowing opportunities for companies developing next-generation autonomous defense platforms

Other recent developments in the autonomous, defense/military/UAV/drone industries of note include:

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced it has been awarded a sole-source, single award Indefinite Delivery/Indefinite Quantity (IDIQ) contract for approximately $156 million, by the U.S. Department of Energy’s National Nuclear Security Administration (NNSA) Office of Secure Transportation (OST), in support of Project Solar Shield.

Under this new contract award, Kratos will provide mobile Counter-Unmanned Aircraft System (C-UAS) platforms designed to support OST’s critical National Security mission. The Office of Secure Transportation is responsible for the safe and secure ground and air transportation of nuclear weapons, weapon components, and special nuclear materials, as well as other missions supporting U.S. national security.

AeroVironment, Inc. (“AV”) (NASDAQ: AVAV), a global leader in intelligent, multi-domain autonomous systems, recently announced it has been awarded a $117.3 million contract by the U.S. Army for its P550™ electric vertical take-off and landing (eVTOL) unmanned aerial system in support of the Army’s Long Range Reconnaissance program, advancing the Army’s push to field scalable, adaptable capabilities for modern warfare.

The award was issued under a Basic Ordering Agreement (BOA) through a competitive Call for Solutions (C4S) under the U.S. Army’s Unmanned Aircraft Systems (UAS) Marketplace initiative, a centralized digital platform designed to accelerate the procurement of vetted drone technologies.

AEVEX Corp. (NYSE: AVEX) recently announced it has been awarded a $17.5 million follow-on contract under its Global Solutions portfolio to continue delivering critical services in support of U.S. national security objectives.

The contract reinforces the company’s role in providing mission focused, data-driven services and solutions that help decision makers act with speed and confidence. AEVEX’s Global Solutions capabilities integrate technology and multi-domain expertise to transform complex data into actionable insight for time sensitive missions.

“Our teams are trusted to support some of the nation’s most important missions,” said Roger Wells, Chief Executive Officer at AEVEX. “This award reflects continued confidence in AEVEX to deliver the specialized expertise required to advance essential national security interests.”

Sidus Space, Inc. (NASDAQ: SIDU) (“Sidus” or the “Company”), an innovative space and defense technology company, recently announced that its next LizzieSat® has successfully completed vibration testing, a key environmental qualification milestone for SpaceX’s Transporter-18 rideshare mission from Vandenberg Space Force Base in California, currently scheduled for launch no earlier than October 2026.

Vibration testing simulates the intense mechanical loads a spacecraft experiences during launch and ascent. The testing was conducted at Element U.S. Space & Defense’s facility in Orlando, Florida, an accredited independent provider of product qualification and environmental testing services. Completing this testing is designed to confirm that the satellite’s structure, components, and integrated payloads can withstand the stresses of liftoff and remain fully operational on orbit, a critical step in clearing the spacecraft for final integration and shipment to the launch site.

DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU’S market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This press release was distributed on behalf of VisionWave Holdings, Inc. For current services performed MNU was compensated forty nine hundred dollars for news coverage of the current press releases issued by VisionWave Holdings, Inc. by the Company. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

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Technology

atQor Earns Microsoft Frontier Partner Status for AI Delivery

Published

58 minutes ago

July 23, 2026

The recognition validates atQor’s ability to unite Cloud & AI Platforms, AI Business Solutions and Security for customers in financial services, manufacturing, retail, healthcare and public sector.

AHMEDABAD, India, MISSISSAUGA, ON and SANTA FE SPRINGS, Calif., July 23, 2026 /PRNewswire/ — atQor, a Microsoft-focused AI and data platform company, today announced it has achieved Microsoft Frontier Partner status, with its nomination led by Microsoft India and recognition extending across Canada, the United States and India.

atQor holds all six Microsoft Solutions Partner designations, the Support Services designation, Azure Expert MSP status, Microsoft Fabric Featured Partner recognition and ten Advanced Specializations.

“Our engineers do not wait for a mandate to use AI, they build with it every day, and that is what Microsoft recognized,” said Pushkaraj Kale, CEO of atQor India. “Earlier this year, our teams built and deployed more than two hundred production AI agents in a single seventy-two-hour engineering event, and twenty-five of those are now live on Microsoft Marketplace. This nomination was led by Microsoft India, and it reflects the discipline our customers see across every industry we serve.”

“The Frontier Partner designation recognizes organizations that are helping customers move beyond AI experimentation and into business transformation. atQor has consistently invested across Microsoft’s AI, data, cloud, and security stack while building the Go-To-Market and delivery capabilities required to create measurable customer outcomes. We are pleased to see atQor join this distinguished group of partners and look forward to their continued contribution to AI adoption across industries,” said Om Batra, Channel Partner Sales Leader, India and South Asia, Microsoft.

“The most successful AI partners are those that can bridge innovation with operational excellence. atQor has built competencies spanning Microsoft Fabric, Azure AI, Security, and Copilot while maintaining a strong focus on delivery quality and governance. Their Frontier Partner recognition reflects the technical maturity and execution capability needed to help customers scale AI with confidence,” said Sanjeev Sharma, Director Tech Sales and Partner CTO, India and South Asia, Microsoft.

For customers, the recognition means fewer handoffs: one firm carrying the work from the first Microsoft Fabric workshop through the AI agent in production, instead of a customer coordinating several vendors to get there. atQor applies this across financial services, manufacturing, retail, healthcare and public sector organizations in Canada, the United States and India, continuing the relationship through managed Azure operations once systems are live.

Pushkaraj and the India team led this global recognition, according to Kartik Shah, Founder of atQor, who said Canada and U.S. teams, led by Co-Founder and Global COO Greg Kachhadiya, already hold themselves to that same standard.

About atQor: atQor is a Microsoft-focused AI and data platform company that helps enterprises move AI from pilot to production. Founded in 2002, the company operates across Canada, the United States and India, and holds CSP Direct authorization including Azure Gov Cloud in US. atQor maintains ISO 9001, ISO 20000, ISO 27001 and ISO 22301 certifications. Learn more at atQor.com.

Media Contact: Ramanuj Zawar, 419311@email4pr.com. United States: +1-844-294-5383. Canada: +1-289-290-4490. India: +91-706-904-3269.

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Technology

Carrier Accelerates Intelligent Building Strategy with Acquisition of 75F

Published

58 minutes ago

July 23, 2026

Cloud-native building automation strengthens Carrier’s digital ecosystem to enable increasingly intelligent and autonomous buildings

PALM BEACH GARDENS, Fla., July 23, 2026 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced it has acquired 75F, a leading innovator in cloud-native, wireless, AI-enabled building automation systems. The acquisition strengthens Carrier’s intelligent building capabilities across applications — from complex applied systems and high-growth data centers to light commercial and retrofits.

“Buildings are becoming intelligent and autonomous systems that continuously learn, adapt and optimize performance,” said David Gitlin, Chairman & CEO, Carrier. “Through Carrier ClimaVision™, we have already seen firsthand the power of 75F’s cloud-native, AI-enabled platform. This acquisition accelerates our strategy to create increasingly autonomous and self-optimizing buildings by bringing together connected equipment, intelligent controls and digital solutions in a unified platform that simplifies deployment, connects building data and enables agentic AI.”

The combination of Carrier’s WebCTRL® building controls install base, Abound™ predictive analytics capability and the Nlyte® operational intelligence platform with 75F’s unified data layer and AI capabilities will create a differentiated end-to-end offering spanning equipment, controls, analytics and outcomes for buildings globally. Together, these integrated capabilities enable building operators to transition from traditional building management to fully autonomous operations that proactively identify maintenance opportunities, optimize energy consumption, intelligently manage assets and improve occupant comfort.

“75F was founded to fundamentally rethink building automation using cloud-native software, AI and wireless technologies,” said Deepinder Singh, founder and CEO, 75F. “Joining Carrier enables us to accelerate that vision on a global scale. Together, we can help make intelligent buildings simpler to deploy, easier to operate and more accessible to customers everywhere.”

75F’s platform combines wireless sensors, intuitive controls, cloud software and AI-enabled automation designed to reduce installation time and simplify commissioning while optimizing energy efficiency and indoor air quality. Carrier plans to integrate 75F’s generative and agentic AI as well as auto-commissioning capabilities into its large commercial platforms, including its Carrier QuantumLeap™ thermal management suite, improving deployment and real-time thermal performance for the rapidly growing data center market.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to Carrier in connection with the transaction. Avisen Legal, PA acted as external legal counsel to 75F in connection with the transaction.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for Carrier’s future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “scenario” and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to the acquisition of the 75F business, the integration of such business into Carrier’s existing operations, strategies or transactions of Carrier, Carrier’s plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier’s reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CARR-IR

Contact:

Media Inquiries

Rob Six

561-281-2362

Robert.Six@Carrier.com

Investor Relations

Michael Rednor

561-365-2020

InvestorRelations@Carrier.com

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