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Baidu Announces First Quarter 2025 Results

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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

Q1

Q4

Q1

ADS, unaudited)

2024

2024

2025

YOY

QOQ

RMB

RMB

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 %

22 %

Baidu Core

Q1

Q4

Q1

(In millions, unaudited)

2024

2024

2025

YOY

QOQ

RMB

RMB

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 %

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,

March 31,

2024

2024

2025

2025

RMB

RMB

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

79

Others, net

(275)

23

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

14

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

2,751

 -Diluted

2,816

2,783

2,762

2,762

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

 Cost of revenues 

108

103

77

11

 Selling, general and administrative 

417

297

313

43

 Research and development 

618

685

361

50

 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,

March 31,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

24,832

49,202

6,780

Restricted cash

11,697

238

33

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

37

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

84

Long-term loans, current portion

168

560

77

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

26

Deferred revenue

585

665

92

Amounts due to related parties

56

51

7

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

Three months ended

Three months ended

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

57

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

1

5,484

3,638

285

(6)

3,917

4,164

342

2

4,508

574

47

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

17

883

1,612

7

1,619

1,136

41

1,177

156

6

162

  Less: net income (loss) attributable to NCI

30

11

358(3)

399

(132)

2

(104)(3)

(234)

(3)

4

100(3)

101

1

13(3)

14

Net income (loss) attributable to Baidu

5,150

655

(357)

5,448

5,283

(189)

98

5,192

7,633

182

(98)

7,717

1,052

24

(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

64

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

41

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

68

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 

76

32

108

74

29

103

50

27

77

7

4

11

 Selling, general and administrative 

353

64

417

240

57

297

257

56

313

35

8

43

 Research and development 

575

43

618

652

33

685

329

32

361

45

5

50

 Total share-based compensation 

1,004

139

1,143

966

119

1,085

636

115

751

87

17

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

Three months ended

Three months ended

Three months ended

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (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 (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

47

(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

15

169

582

61

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)

47

(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

23

(9,209)

308

(8,901)

(1,269)

43

(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 

Three months ended 

Three months ended 

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

47

621

Add: Share-based compensation expenses

1,004

139

1,143

966

119

1,085

636

115

751

87

17

104

Add: Amortization and impairment of intangible assets(1)

44

2

46

43

2

45

72

2

74

10

10

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

64

735

Add:  Depreciation of fixed assets

1,532

39

1,571

1,869

38

1,907

1,840

36

1,876

254

4

258

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

68

993

Net income (loss) attributable to Baidu

5,150

655

5,448

5,283

(189)

5,192

7,633

182

7,717

1,052

24

1,063

Add: Share-based compensation expenses

1,003

139

1,066

965

119

1,019

635

115

687

87

16

95

Add: Amortization and impairment of intangible assets(1)

42

2

43

41

2

42

70

2

71

10

10

Add: Disposal (gain) loss

(458)

(458)

7

7

(91)

(91)

(13)

(13)

Add: Impairment of long-term investments

36

71

68

84

14

90

2

1

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)

5

(64)

(9)

1

(9)

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

(150)

(150)

(30)

(30)

38

38

5

5

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

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

41

891

Diluted earnings per ADS

14.91

14.26

21.59

2.98

Add:  Accretion of the redeemable noncontrolling interests

0.55

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.

 

View original content:https://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2025-results-302461545.html

SOURCE Baidu, Inc.

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BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept

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BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure

BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
 BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
 Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.

VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).

The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.

“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”

South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative

BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.

The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.

Built on Kaia Mainnet

A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.

Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.

By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.

QSSN as the Security Layer

The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.

BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.

Addressing the Harvest-Now, Decrypt-Later Risk

The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.

BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.

Expanding BTQ’s Korean Ecosystem

BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.

The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.

About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/

About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.

Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/

About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.

Connect with BTQ: Website | LinkedIn | X/Twitter

ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.

The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

View original content to download multimedia:https://www.prnewswire.com/news-releases/btq-technologies-qssn-selected-as-core-security-infrastructure-for-south-koreas-first-bank-led-krw-stablecoin-proof-of-concept-302763840.html

SOURCE BTQ Technologies Corp.

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Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference

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WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).

A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.

About Zimmer Biomet 
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.

With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation. 

For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.

Contacts:

 

Media

Investors

Troy Kirkpatrick

David DeMartino

614-284-1926

646-531-6115

troy.kirkpatrick@zimmerbiomet.com

david.demartino@zimmerbiomet.com

Kirsten Fallon

Zach Weiner

781-779-5561

908-591-6955

kirsten.fallon@zimmerbiomet.com

zach.weiner@zimmerbiomet.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html

SOURCE Zimmer Biomet Holdings, Inc.

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NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools

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New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing

Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment

ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.

The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health. 

The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.

NextLadder’s Focus Areas for Investment

Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations. 

As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.

“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”

NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.

The fund’s active investment areas include:

Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.

NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.

In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.

NextLadder’s Co-Founder Leadership Team

NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.

“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”

Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.

“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”

Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.

“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”

To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.

About NextLadder Ventures

NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.

View original content:https://www.prnewswire.com/news-releases/nextladder-ventures-announces-co-founder-leadership-team-investment-focus-areas-for-over-1-billion-initiative-empowering-americans-with-personalized-tech-enabled-support-tools-302764095.html

SOURCE NextLadder Ventures

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