Technology
Baidu Announces Fourth Quarter and Fiscal Year 2023 Results
Published
3 years agoon
By
BEIJING, Feb. 28, 2024 /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 quarter and fiscal year ended December 31, 2023.
“Baidu Core reported another solid quarter,” said Robin Li, Co-founder and CEO of Baidu. “Throughout 2023, we made significant strides in advancing ERNIE and ERNIE Bot, reinventing our products and services, and achieving breakthroughs in monetization. Concurrently, our core business remained resilient and healthy. Looking ahead, our commitment to Gen-AI and foundation models remains unwavering, paving the way for the [gradual] creation of a new growth engine.”
“In the fourth quarter, we maintained our focus on enhancing operational efficiencies,” said Rong Luo, CFO of Baidu. “As we look ahead into 2024, our goal is to persistently enhance operational efficiencies and achieve high-quality growth.”
Fourth Quarter and Fiscal Year 2023 Financial Highlights[1]
Baidu, Inc.
(In millions except per
Q4
Q3
Q4
FY
FY
ADS, unaudited)
2022
2023
2023
YOY
2022
2023
YOY
RMB
RMB
RMB
US$
RMB
RMB
US$
Total revenues
33,077
34,447
34,951
4,923
6 %
123,675
134,598
18,958
9 %
Operating income
4,593
6,274
5,392
759
17 %
15,911
21,856
3,078
37 %
Operating income
(non-GAAP) [2]
6,497
7,596
7,075
996
9 %
23,186
28,433
4,005
23 %
Net income to Baidu
4,953
6,681
2,599
366
(48 %)
7,559
20,315
2,861
169 %
Net income to Baidu
(non-GAAP) [2]
5,371
7,267
7,755
1,092
44 %
20,680
28,747
4,049
39 %
Diluted earnings per
ADS
13.59
18.22
6.77
0.95
(50 %)
19.85
55.08
7.76
177 %
Diluted earnings per
ADS (non-GAAP) [2]
15.25
20.40
21.86
3.08
43 %
58.93
80.85
11.39
37 %
Adjusted EBITDA [2]
8,231
9,505
9,057
1,276
10 %
29,663
35,823
5,046
21 %
Adjusted EBITDA
margin
25 %
28 %
26 %
26 %
24 %
27 %
27 %
Baidu Core
Q4
Q3
Q4
FY
FY
(In millions, unaudited)
2022
2023
2023
YOY
2022
2023
YOY
RMB
RMB
RMB
US$
RMB
RMB
US$
Total revenues
25,654
26,572
27,488
3,872
7 %
95,431
103,465
14,573
8 %
Operating income
3,782
5,498
4,668
657
23 %
14,534
18,825
2,651
30 %
Operating income
(non-GAAP) [2]
5,491
6,672
6,197
873
13 %
20,948
24,748
3,486
18 %
Net income to Baidu
Core
4,773
6,436
2,440
344
(49 %)
7,551
19,401
2,733
157 %
Net income to Baidu
Core (non-GAAP) [2]
4,915
6,956
7,500
1,056
53 %
19,935
27,418
3,862
38 %
Adjusted EBITDA [2]
7,146
8,513
8,118
1,143
14 %
27,088
31,863
4,488
18 %
Adjusted EBITDA
margin
28 %
32 %
30 %
30 %
28 %
31 %
31 %
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.0999 as of December 29, 2023, 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 returned US$318 million to shareholders since the beginning of Q4 2023, bringing the cumulative repurchase to US$669 million under the 2023 share repurchase program.
AI Cloud
PaddlePaddle developer community has grown to 10.7 million and has served 235,000 businesses, as of the end of 2023. Developers have created 860,000 models on PaddlePaddle by the end of 2023.
Intelligent Driving
Apollo Go, Baidu’s autonomous ride-hailing service, provided about 839K rides in the fourth quarter of 2023, up 49% year over year. As of January 2, 2024, accumulated rides provided by Apollo Go on public roads surpassed 5 million.In the fourth quarter of 2023, the proportion of fully driverless orders within the overall order portfolio in Wuhan reached 45%, up from 40% in the third quarter of 2023.
Mobile Ecosystem
In December 2023, Baidu App’s MAUs reached 667 million, up 3% year over year.Managed Page accounted for 51% of Baidu Core’s online marketing revenue in the fourth quarter of 2023.
iQIYI
iQIYI’s average daily number of total subscribing members for the quarter was 100.3 million, compared to 111.6 million for the fourth quarter of 2022 and 107.5 million for the third quarter of 2023. More importantly, iQIYI’s monthly average revenue per membership (ARM) for the quarter was RMB15.98, compared to RMB14.17 for the fourth quarter of 2022 and RMB15.54 for the third quarter of 2023.
Fourth Quarter 2023 Financial Results
Total revenues were RMB35.0 billion ($4.92 billion), increasing 6% year over year.
Revenue from Baidu Core was RMB27.5 billion ($3.87 billion), increasing 7% year over year; online marketing revenue was RMB19.2 billion ($2.70 billion), up 6% year over year, and non-online marketing revenue was RMB8.3 billion ($1.17 billion), up 9% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.7 billion ($1.09 billion), increasing 2% year over year.
Cost of revenues was RMB17.4 billion ($2.45 billion), increasing 3% year over year, primarily due to an increase in costs related to AI Cloud business, partially offset by a decrease in content costs.
Selling, general and administrative expenses were RMB5.9 billion ($825 million), which remained flat compared to the same period last year.
Research and development expenses were RMB6.3 billion ($886 million), increasing 11% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.
Operating income was RMB5.4 billion ($759 million). Baidu Core operating income was RMB4.7 billion ($657 million), and Baidu Core operating margin was 17%. Non-GAAP operating income was RMB7.1 billion ($996 million). Non-GAAP Baidu Core operating income was RMB6.2 billion ($873 million), and non-GAAP Baidu Core operating margin was 23%.
Total other loss, net was RMB2.5 billion ($356 million), compared to total other income, net of RMB1.8 billion for the same period last year, mainly due to a pickup of losses from an equity method investment as a result of a modification of certain terms of the underlying preferred shares.
Income tax benefit was RMB96 million ($14 million), compared to income tax expense of RMB1.3 billion for the same period last year, mainly due to a change of certain subsidiaries’ amounts of valuation allowance for deferred tax assets.
Net income attributable to Baidu was RMB2.6 billion ($366 million), and diluted earnings per ADS was RMB6.77 ($0.95). Net income attributable to Baidu Core was RMB2.4 billion ($344 million), and net margin for Baidu Core was 9%. Non-GAAP net income attributable to Baidu was RMB7.8 billion ($1.09 billion). Non-GAAP diluted earnings per ADS was RMB21.86 ($3.08). Non-GAAP net income attributable to Baidu Core was RMB7.5 billion ($1.06 billion), and non-GAAP net margin for Baidu Core was 27%.
Adjusted EBITDA was RMB9.1 billion ($1.28 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB8.1 billion ($1.14 billion) and adjusted EBITDA margin for Baidu Core was 30%.
As of December 31, 2023, cash, cash equivalents, restricted cash and short-term investments were RMB205.4 billion ($28.93 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB200.0 billion ($28.17 billion). Free cash flow was RMB7.0 billion ($980 million), and free cash flow excluding iQIYI was RMB6.3 billion ($894 million).
Fiscal Year 2023 Results
Total revenues were RMB134.6 billion ($18.96 billion), increasing 9% year over year.
Revenue from Baidu Core was RMB103.5 billion ($14.57 billion), increasing 8% year over year; online marketing revenue was RMB75.1 billion ($10.58 billion), up 8% year over year, and non-online marketing revenue was RMB28.4 billion ($3.99 billion), up 9% year over year.Revenue from iQIYI was RMB31.9 billion ($4.49 billion), increasing 10% year over year.
Cost of revenues was RMB65.0 billion ($9.16 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs, partially offset by a decrease in content costs and costs related to AI Cloud business.
Selling, general and administrative expenses were RMB23.5 billion ($3.31 billion), increasing 15% year over year, primarily due to an increase in channel spending and promotional marketing expenses.
Research and development expenses were RMB24.2 billion ($3.41 billion), increasing 4% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.
Operating income was RMB21.9 billion ($3.08 billion). Baidu Core operating income was RMB18.8 billion ($2.65 billion), and Baidu Core operating margin was 18%. Non-GAAP operating income was RMB28.4 billion ($4.01 billion). Non-GAAP Baidu Core operating income was RMB24.7 billion ($3.49 billion), and non-GAAP Baidu Core operating margin was 24%.
Total other income, net was RMB3.3 billion ($472 million), compared to total other loss, net of RMB5.8 billion last year, mainly due to a fair value gain of RMB198 million from long-term investments this year, compared to a fair value loss of RMB3.9 billion last year; and a decrease of RMB2.2 billion in impairment of long-term investments.
Income tax expense was RMB3.6 billion ($514 million), increasing 42% year over year, primarily due to an increase in profit before tax.
Net income attributable to Baidu was RMB20.3 billion ($2.86 billion), and diluted earnings per ADS was RMB55.08 ($7.76). Net income attributable to Baidu Core was RMB19.4 billion ($2.73 billion), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB28.7 billion ($4.05 billion). Non-GAAP diluted earnings per ADS was RMB80.85 ($11.39). Non-GAAP net income attributable to Baidu Core was RMB27.4 billion ($3.86 billion), and non-GAAP net margin for Baidu Core was 26%.
Adjusted EBITDA was RMB35.8 billion ($5.05 billion) and adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was RMB31.9 billion ($4.49 billion) and adjusted EBITDA margin for Baidu Core was 31%.
Free cash flow was RMB25.4 billion ($3.58 billion), and free cash flow excluding iQIYI was RMB22.1 billion ($3.11 billion).
Conference Call Information
Baidu’s management will hold an earnings conference call at 7.30 AM on February 28, 2024, U.S. Eastern Time (8.30 PM on February 28, 2024, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc Q4 2023 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/10036733-mjkcdg.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 (loss), 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, amortization and impairment of intangible assets resulting from business combinations, and contingent loss pertaining to legal proceeding in relation to former advertising agencies.
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, fair value change of long-term investments, and contingent loss pertaining to legal proceeding in relation to former advertising agencies, charitable donation from Baidu, 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, share-based compensation expenses, and contingent loss pertaining to legal proceeding in relation to former advertising agencies.
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
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$(2)
RMB
RMB
US$(2)
Revenues:
Online marketing services
19,571
21,346
20,804
2,930
74,711
81,203
11,437
Others
13,506
13,101
14,147
1,993
48,964
53,395
7,521
Total revenues
33,077
34,447
34,951
4,923
123,675
134,598
18,958
Costs and expenses:
Cost of revenues(1)
16,945
16,294
17,418
2,453
63,935
65,031
9,159
Selling, general and administrative(1)
5,881
5,778
5,854
825
20,514
23,519
3,314
Research and development(1)
5,658
6,101
6,287
886
23,315
24,192
3,407
Total costs and expenses
28,484
28,173
29,559
4,164
107,764
112,742
15,880
Operating income
4,593
6,274
5,392
759
15,911
21,856
3,078
Other income (loss):
Interest income
1,647
2,082
2,064
291
6,245
8,009
1,128
Interest expense
(738)
(853)
(774)
(109)
(2,913)
(3,248)
(457)
Foreign exchange (loss) gain, net
(338)
(26)
(449)
(63)
(1,484)
595
84
Share of losses from equity method investments
(523)
(398)
(2,970)
(418)
(1,910)
(3,799)
(535)
Others, net
1,733
1,100
(398)
(57)
(5,737)
1,785
252
Total other income (loss), net
1,781
1,905
(2,527)
(356)
(5,799)
3,342
472
Income before income taxes
6,374
8,179
2,865
403
10,112
25,198
3,550
Income tax expense (benefit)
1,254
1,282
(96)
(14)
2,578
3,649
514
Net income
5,120
6,897
2,961
417
7,534
21,549
3,036
Net income (loss) attributable to noncontrolling interests
167
216
362
51
(25)
1,234
175
Net income attributable to Baidu
4,953
6,681
2,599
366
7,559
20,315
2,861
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
13.73
18.45
6.85
0.96
20.02
55.83
7.86
-Diluted
13.59
18.22
6.77
0.95
19.85
55.08
7.76
Earnings per share for Class A and Class B ordinary shares:
-Basic
1.72
2.31
0.86
0.12
2.50
6.98
0.98
-Diluted
1.70
2.28
0.85
0.12
2.48
6.89
0.97
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,789
2,814
2,812
2,812
2,782
2,807
2,807
-Diluted
2,801
2,846
2,830
2,830
2,809
2,837
2,837
(1) Includes share-based compensation expenses as follows:
Cost of revenues
158
139
159
23
409
590
83
Selling, general and administrative
450
358
411
58
1,750
1,678
236
Research and development
1,233
778
1,068
150
4,629
4,077
575
Total share-based compensation expenses
1,841
1,275
1,638
231
6,788
6,345
894
(2) All translations from RMB to U.S. dollars are made at a rate of RMB 7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023 as set forth in the H.10 statistical release of The Board
of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
December 31,
December 31,
2022
2023
2023
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
53,156
25,231
3,554
Restricted cash
11,330
11,503
1,620
Short-term investments, net
120,839
168,670
23,757
Accounts receivable, net
11,733
10,848
1,528
Amounts due from related parties
5,432
1,424
201
Other current assets, net
10,360
12,579
1,772
Total current assets
212,850
230,255
32,432
Non-current assets:
Fixed assets, net
23,973
27,960
3,938
Licensed copyrights, net
6,841
6,967
981
Produced content, net
13,002
13,377
1,884
Intangible assets, net
1,254
881
124
Goodwill
22,477
22,586
3,181
Long-term investments, net
55,297
47,957
6,755
Long-term time deposits and held-to-maturity investments
23,629
24,666
3,474
Amounts due from related parties
60
195
27
Deferred tax assets, net
2,129
2,100
296
Operating lease right-of-use assets
10,365
10,851
1,528
Other non-current assets
19,096
18,964
2,671
Total non-current assets
178,123
176,504
24,859
Total assets
390,973
406,759
57,291
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
5,343
10,257
1,445
Accounts payable and accrued liabilities
38,014
37,717
5,312
Customer deposits and deferred revenue
13,116
14,627
2,060
Deferred income
72
306
43
Long-term loans, current portion
–
2
–
Convertible senior notes, current portion
8,305
2,802
395
Notes payable, current portion
6,904
6,029
849
Amounts due to related parties
5,067
1,603
226
Operating lease liabilities
2,809
3,108
438
Total current liabilities
79,630
76,451
10,768
Non-current liabilities:
Deferred income
159
200
28
Deferred revenue
331
481
68
Amounts due to related parties
99
77
11
Long-term loans
13,722
14,223
2,003
Notes payable
39,893
34,990
4,928
Convertible senior notes
9,568
8,144
1,147
Deferred tax liabilities
2,898
2,725
384
Operating lease liabilities
4,810
5,040
710
Other non-current liabilities
2,058
1,820
257
Total non-current liabilities
73,538
67,700
9,536
Total liabilities
153,168
144,151
20,304
Redeemable noncontrolling interests
8,393
9,465
1,333
Equity
Total Baidu shareholders’ equity
223,478
243,626
34,314
Noncontrolling interests
5,934
9,517
1,340
Total equity
229,412
253,143
35,654
Total liabilities, redeemable noncontrolling interests,
and equity
390,973
406,759
57,291
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended
December 31, 2022 (RMB)
Three months ended
September 30, 2023 (RMB)
Three months ended
December 31, 2023 (RMB)
Three months ended
December 31, 2023 (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
25,654
7,593
(170)
33,077
26,572
8,015
(140)
34,447
27,488
7,707
(244)
34,951
3,872
1,086
(35)
4,923
YOY
7 %
2 %
6 %
QOQ
3 %
(4 %)
1 %
Costs and expenses:
Cost of revenues (1)
11,712
5,405
(172)
16,945
10,610
5,840
(156)
16,294
12,050
5,533
(165)
17,418
1,698
779
(24)
2,453
Selling, general and administrative (1)
4,969
939
(27)
5,881
4,810
981
(13)
5,778
4,936
948
(30)
5,854
695
134
(4)
825
Research and development (1)
5,191
467
–
5,658
5,654
447
–
6,101
5,834
453
–
6,287
822
64
–
886
Total costs and expenses
21,872
6,811
(199)
28,484
21,074
7,268
(169)
28,173
22,820
6,934
(195)
29,559
3,215
977
(28)
4,164
YOY
Cost of revenues
3 %
2 %
3 %
Selling, general and administrative
(1 %)
1 %
(0 %)
Research and development
12 %
(3 %)
11 %
Costs and expenses
4 %
2 %
4 %
Operating income (loss)
3,782
782
29
4,593
5,498
747
29
6,274
4,668
773
(49)
5,392
657
109
(7)
759
YOY
23 %
(1 %)
17 %
QOQ
(15 %)
3 %
(14 %)
Operating margin
15 %
10 %
14 %
21 %
9 %
18 %
17 %
10 %
15 %
Add: total other income (loss), net
2,271
(490)
–
1,781
2,159
(254)
–
1,905
(2,267)
(260)
–
(2,527)
(319)
(37)
–
(356)
Less: income tax expense (benefit)
1,265
(11)
–
1,254
1,272
10
–
1,282
(134)
38
–
(96)
(19)
5
–
(14)
Less: net income (loss) attributable to NCI
15
(1)
153
(3)
167
(51)
7
260
(3)
216
95
9
258
(3)
362
13
1
37
(3)
51
Net income (loss) attributable to Baidu
4,773
304
(124)
4,953
6,436
476
(231)
6,681
2,440
466
(307)
2,599
344
66
(44)
366
YOY
(49 %)
53 %
(48 %)
QOQ
(62 %)
(2 %)
(61 %)
Net margin
19 %
4 %
15 %
24 %
6 %
19 %
9 %
6 %
7 %
Non-GAAP financial measures:
Operating income (non-GAAP)
5,491
977
6,497
6,672
895
7,596
6,197
927
7,075
873
130
996
YOY
13 %
(5 %)
9 %
QOQ
(7 %)
4 %
(7 %)
Operating margin (non-GAAP)
21 %
13 %
20 %
25 %
11 %
22 %
23 %
12 %
20 %
Net income attributable to Baidu (non-
GAAP)
4,915
856
5,371
6,956
622
7,267
7,500
681
7,755
1,056
96
1,092
YOY
53 %
(20 %)
44 %
QOQ
8 %
9 %
7 %
Net margin (non-GAAP)
19 %
11 %
16 %
26 %
8 %
21 %
27 %
9 %
22 %
Adjusted EBITDA
7,146
1,056
8,231
8,513
963
9,505
8,118
988
9,057
1,143
140
1,276
YOY
14 %
(6 %)
10 %
QOQ
(5 %)
3 %
(5 %)
Adjusted EBITDA margin
28 %
14 %
25 %
32 %
12 %
28 %
30 %
13 %
26 %
(1) Includes share-based compensation as follows:
Cost of revenues
122
36
158
107
32
139
125
34
159
18
5
23
Selling, general and administrative
355
95
450
290
68
358
340
71
411
48
10
58
Research and development
1,177
56
1,233
732
46
778
1,020
48
1,068
144
6
150
Total share-based compensation
1,654
187
1,841
1,129
146
1,275
1,485
153
1,638
210
21
231
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income/(loss) attributable to iQIYI noncontrolling interests
Baidu, Inc.
Selected Information
(In millions except for per ADS information, unaudited)
Twelve months ended
December 31, 2022 (RMB)
Twelve months ended
December 31, 2023 (RMB)
Twelve months ended
December 31, 2023 (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.
Total revenues
95,431
28,998
(754)
123,675
103,465
31,873
(740)
134,598
14,573
4,489
(104)
18,958
YOY
8 %
10 %
9 %
Costs and expenses:
Cost of revenues (1)
42,378
22,321
(764)
63,935
42,592
23,103
(664)
65,031
5,999
3,254
(94)
9,159
Selling, general and administrative (1)
17,103
3,466
(55)
20,514
19,623
4,014
(118)
23,519
2,765
565
(16)
3,314
Research and development (1)
21,416
1,899
–
23,315
22,425
1,767
–
24,192
3,158
249
–
3,407
Total costs and expenses
80,897
27,686
(819)
107,764
84,640
28,884
(782)
112,742
11,922
4,068
(110)
15,880
YOY
Cost of revenues
1 %
4 %
2 %
Selling, general and administrative
15 %
16 %
15 %
Research and development
5 %
(7 %)
4 %
Cost and expenses
5 %
4 %
5 %
Operating income
14,534
1,312
65
15,911
18,825
2,989
42
21,856
2,651
421
6
3,078
YOY
30 %
128 %
37 %
Operating margin
15 %
5 %
13 %
18 %
9 %
16 %
Add: total other (loss) income, net
(4,453)
(1,346)
–
(5,799)
4,298
(956)
–
3,342
607
(135)
–
472
Less: income tax expense
2,494
84
–
2,578
3,568
81
–
3,649
503
11
–
514
Less: net income (loss) attributable to NCI
36
18
(79)
(3)
(25)
154
27
1,053
(3)
1,234
22
4
149
(3)
175
Net income (loss) attributable to Baidu
7,551
(136)
144
7,559
19,401
1,925
(1,011)
20,315
2,733
271
(143)
2,861
YOY
157 %
(1515 %)
169 %
Net margin
8 %
(0 %)
6 %
19 %
6 %
15 %
Non-GAAP financial measures:
Operating income (non-GAAP)
20,948
2,173
23,186
24,748
3,643
28,433
3,486
513
4,005
YOY
18 %
68 %
23 %
Operating margin (non-GAAP)
22 %
7 %
19 %
24 %
11 %
21 %
Net income attributable to Baidu (non-GAAP)
19,935
1,284
20,680
27,418
2,838
28,747
3,862
400
4,049
YOY
38 %
121 %
39 %
Net margin (non-GAAP)
21 %
4 %
17 %
26 %
9 %
21 %
Adjusted EBITDA
27,088
2,510
29,663
31,863
3,918
35,823
4,488
552
5,046
YOY
18 %
56 %
21 %
Adjusted EBITDA margin
28 %
9 %
24 %
31 %
12 %
27 %
(1) Includes share-based compensation as follows:
Cost of revenues
261
148
409
457
133
590
64
19
83
Selling, general and administrative
1,326
424
1,750
1,363
315
1,678
192
44
236
Research and development
4,390
239
4,629
3,888
189
4,077
548
27
575
Total share-based compensation
5,977
811
6,788
5,708
637
6,345
804
90
894
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net loss 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
December 31, 2022 (RMB)
September 30, 2023 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by operating activities
6,999
854
7,853
8,694
831
9,525
9,985
633
10,618
1,407
89
1,496
Net cash (used in) provided by investing activities
(5,902)
579
(5,323)
(11,345)
(55)
(11,400)
(11,805)
(1,431)
(13,236)
(1,662)
(202)
(1,864)
Net cash (used in) provided by financing activities
(5,124)
2,862
(2,262)
(5,253)
269
(4,984)
(7,586)
(22)
(7,608)
(1,069)
(3)
(1,072)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(1,420)
(9)
(1,429)
153
5
158
(364)
(31)
(395)
(52)
(4)
(56)
Net (decrease) increase in cash, cash equivalents
and restricted cash
(5,447)
4,286
(1,161)
(7,751)
1,050
(6,701)
(9,770)
(851)
(10,621)
(1,376)
(120)
(1,496)
Cash, cash equivalents and restricted cash
At beginning of period
62,821
3,576
66,397
49,814
5,082
54,896
42,063
6,132
48,195
5,924
864
6,788
At end of period
57,374
7,862
65,236
42,063
6,132
48,195
32,293
5,281
37,574
4,548
744
5,292
Net cash provided by operating activities
6,999
854
7,853
8,694
831
9,525
9,985
633
10,618
1,407
89
1,496
Less: Capital expenditures
(1,920)
(9)
(1,929)
(3,525)
(4)
(3,529)
(3,641)
(19)
(3,660)
(513)
(3)
(516)
Free cash flow
5,079
845
5,924
5,169
827
5,996
6,344
614
6,958
894
86
980
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2022 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
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
26,241
(71)
26,170
33,263
3,352
36,615
4,685
472
5,157
Net cash (used in) provided by investing activities
(4,210)
266
(3,944)
(48,657)
(1,740)
(50,397)
(6,853)
(245)
(7,098)
Net cash (used in) provided by financing activities
(10,859)
4,469
(6,390)
(9,876)
(4,286)
(14,162)
(1,391)
(604)
(1,995)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
1,606
123
1,729
189
93
282
27
13
40
Net increase (decrease) in cash, cash equivalents
and restricted cash
12,778
4,787
17,565
(25,081)
(2,581)
(27,662)
(3,532)
(364)
(3,896)
Cash, cash equivalents and restricted cash
At beginning of period
44,596
3,075
47,671
57,374
7,862
65,236
8,080
1,108
9,188
At end of period
57,374
7,862
65,236
32,293
5,281
37,574
4,548
744
5,292
Net cash provided by (used in) operating activities
26,241
(71)
26,170
33,263
3,352
36,615
4,685
472
5,157
Less: Capital expenditures
(8,112)
(174)
(8,286)
(11,154)
(36)
(11,190)
(1,571)
(5)
(1,576)
Free cash flow
18,129
(245)
17,884
22,109
3,316
25,425
3,114
467
3,581
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
December 31, 2022 (RMB)
September 30, 2023 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Operating income
3,782
782
4,593
5,498
747
6,274
4,668
773
5,392
657
109
759
Add: Share-based compensation expenses
1,654
187
1,841
1,129
146
1,275
1,485
153
1,638
210
21
231
Add: Amortization and impairment of intangible assets(1)
55
8
63
45
2
47
44
1
45
6
–
6
Operating income (non-GAAP)
5,491
977
6,497
6,672
895
7,596
6,197
927
7,075
873
130
996
Add: Depreciation of fixed assets
1,655
79
1,734
1,841
68
1,909
1,921
61
1,982
270
10
280
Adjusted EBITDA
7,146
1,056
8,231
8,513
963
9,505
8,118
988
9,057
1,143
140
1,276
Net income attributable to Baidu
4,773
304
4,953
6,436
476
6,681
2,440
466
2,599
344
66
366
Add: Share-based compensation expenses
1,654
187
1,748
1,128
146
1,194
1,484
153
1,553
209
22
219
Add: Amortization and impairment of intangible assets(1)
50
8
55
43
2
44
42
1
42
6
–
6
Add: Disposal (gain) loss
(484)
62
(453)
(753)
–
(753)
(37)
(1)
(38)
(5)
–
(5)
Add: Impairment of long-term investments
318
271
453
46
–
46
132
62
160
19
8
23
Add: Fair value (gain) loss of long-term investments
(1,662)
8
(1,658)
(384)
(2)
(385)
403
–
403
57
–
57
Add: Reconciling items on equity method investments(2)
377
18
386
572
–
572
3,172
–
3,172
447
–
447
Add: Tax effects on non-GAAP adjustments(3)
(111)
(2)
(113)
(132)
–
(132)
(136)
–
(136)
(21)
–
(21)
Net income attributable to Baidu (non-GAAP)
4,915
856
5,371
6,956
622
7,267
7,500
681
7,755
1,056
96
1,092
Diluted earnings per ADS
13.59
18.22
6.77
0.95
Add: Accretion of the redeemable noncontrolling interests
0.46
0.53
0.53
0.07
Add: Non-GAAP adjustments to earnings per ADS
1.20
1.65
14.56
2.06
Diluted earnings per ADS (non-GAAP)
15.25
20.40
21.86
3.08
(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.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for ADS and per ADS information, unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2022 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Operating income
14,534
1,312
15,911
18,825
2,989
21,856
2,651
421
3,078
Add: Share-based compensation expenses
5,977
811
6,788
5,708
637
6,345
804
90
894
Add: Amortization and impairment of intangible assets(1)
223
50
273
215
17
232
31
2
33
Add: Contingent loss(2)
214
–
214
–
–
–
–
–
–
Operating income (non-GAAP)
20,948
2,173
23,186
24,748
3,643
28,433
3,486
513
4,005
Add: Depreciation of fixed assets
6,140
337
6,477
7,115
275
7,390
1,002
39
1,041
Adjusted EBITDA
27,088
2,510
29,663
31,863
3,918
35,823
4,488
552
5,046
Net income (loss) attributable to Baidu
7,551
(136)
7,559
19,401
1,925
20,315
2,733
271
2,861
Add: Share-based compensation expenses
5,964
811
6,371
5,704
637
5,993
803
90
844
Add: Amortization and impairment of intangible assets(1)
200
50
229
195
17
204
27
2
29
Add: Disposal (gain)
(515)
(368)
(700)
(1,926)
(90)
(1,967)
(271)
(13)
(277)
Add: Impairment of long-term investments
2,180
841
2,601
479
336
631
67
47
89
Add: Fair value loss (gain) of long-term investments
3,977
(18)
3,968
(54)
4
(52)
(8)
1
(7)
Add: Reconciling items on equity method investments(3)
1,473
105
1,548
–
3,918
9
3,922
–
552
2
551
Add: Charitable donation from Baidu(4)
136
–
136
–
–
–
–
–
–
Add: Contingent loss(2)
214
–
214
–
–
–
–
–
–
Add: Tax effects on non-GAAP adjustments(5)
(1,245)
(1)
(1,246)
(299)
–
(299)
(41)
–
(41)
Net income attributable to Baidu (non-GAAP)
19,935
1,284
20,680
27,418
2,838
28,747
3,862
400
4,049
Diluted earnings per ADS
19.85
55.08
7.76
Add: Accretion of the redeemable noncontrolling interests
1.68
2.02
0.28
Add: Non-GAAP adjustments to earnings per ADS
37.40
23.75
3.35
Diluted earnings per ADS (non-GAAP)
58.93
80.85
11.39
(1) This represents amortization and impairment of intangible assets resulting from business combinations.
(2) This represents contingent loss pertaining to legal proceeding involving former advertising agency.
(3) 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.
(4) This represents non-recurring charitable donation to discrete events.
(5) This represents tax impact of all non-GAAP adjustments.
View original content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2023-results-302073884.html
SOURCE Baidu, Inc.
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New GASA Research: 71% of Adults Surveyed Across 13 Asian Markets Encountered Scams, with Estimated Losses of US$136.5 Billion
Published
1 minute agoon
October 22, 2026By
Research highlights a gap between confidence in recognizing scams and actual outcomes ahead of the Global Anti-Scam Summit Asia 2026
BANGKOK, Oct. 22, 2026 /PRNewswire/ — New research from the Global Anti-Scam Alliance (GASA), developed in collaboration with Gogolook, the developer of Whoscall, reveals the scale and impact of scams across Asia. Among adults surveyed in 13 Asian markets, 71% encountered a scam in the past year. The study estimates that consumers across those markets lost a combined US$136.5 billion to scams over the same period.
The State of Scams in Asia 2026 report, based on a survey of 17,460 adults, also identifies a gap between confidence and outcomes. While 66% of respondents said they were confident in their ability to recognize scams, 62% of those who encountered one interacted with it. Among respondents who interacted with a scam, 26% lost money.
The findings are being released ahead of the Global Anti-Scam Summit Asia 2026, taking place in Bangkok on 10–11 November. Following previous editions in Taiwan and Singapore, the summit will be held in Thailand for the first time, bringing together leaders from across sectors to strengthen the region’s response to evolving scams.
Phone calls and messages remain major points of exposure
Phone calls were the most common channel through which respondents encountered scams (56%), followed by text messages (50%) and instant messaging apps (40%). Shopping, investment and employment scams were the scam types respondents most commonly interacted with.
“Phone and text message scams remain a major challenge across Asia. In Thailand, Malaysia, Vietnam and Indonesia, more than six in ten respondents encountered scam calls. As scammers use AI-generated voices and increasingly convincing scripts, identifying suspicious numbers and warning users before they engage becomes even more important,” said Jeff Kuo, CEO of Gogolook. “Whoscall’s observations also suggest that scammers are adapting to tighter SIM registration and identity checks by using international and satellite numbers. That makes continued information sharing across markets essential.”
The harm extends beyond financial losses
The research estimates that consumers across the 13 markets lost US$136.5 billion to scams over the past 12 months. Among respondents who lost money, 51% said they had been scammed more than once.
The effects reached beyond the immediate financial loss. Among those who lost money, 72% reported an impact on their mental wellbeing, 77% experienced at least one emotional impact, and 58% experienced at least one financial impact affecting their everyday lives.
“One of the most striking findings is the gap between confidence and behavior. While 66% of respondents feel confident they can recognize scams, 62% of those who encountered one went on to interact with it. This shows why education is important but cannot be our only line of defense. We also need stronger safeguards that protect people throughout the scam journey.” said Brian D. Hanley, Director, Asia-Pacific Chapter, Global Anti-Scam Alliance (GASA).
Turning regional evidence into action
The findings will inform discussions at the Global Anti-Scam Summit Asia 2026, where representatives from government, law enforcement, financial services, technology, telecommunications, consumer protection and other sectors will explore ways to prevent and disrupt scams.
The research also points to public support for more proactive intervention. Across the markets surveyed, 71% supported allowing banks to block high-value transactions without a customer’s prior permission when they suspect a scam. Another 69% supported allowing telecom operators or messaging apps to block calls and messages they believe are malicious.
Reporting, however, does not always lead to recovery. While 85% of victims reported their scam experience, outcomes varied depending on where they reported it, and recovery and reimbursement remained limited.
Download the full State of Scams in Asia 2026 report here: https://gasa.org/knowledge-base/reports/state-of-scams-in-asia-2026
Registration for the Global Anti-Scam Summit Asia 2026 is open. For the programme and registration details, visit the summit website: https://gasa.org/global-anti-scam-summit-asia-2026
About the research
The State of Scams in Asia 2026 surveyed 17,460 adults across 13 Asian markets: China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Fieldwork was conducted between March 16 and April 13, 2026. The research was conducted by Opinium for the Global Anti-Scam Alliance and developed in collaboration with Gogolook, the developer of Whoscall.
About the Global Anti-Scam Alliance
The Global Anti-Scam Alliance (GASA) is a nonprofit organization bringing together policymakers, law enforcement, consumer authorities, NGOs, the financial sector, telecommunications operators, internet platforms, cybersecurity organizations and other stakeholders to share knowledge and develop solutions to protect consumers from scams.
GASA Website: https://gasa.org/
About Gogolook
Gogolook is a leading TrustTech company established in 2012. With “Build for Trust” as its core value, Gogolook has expanded its business from Asia to Europe and the Americas. As a foundation member of the Global Anti-Scam Alliance (GASA), Gogolook collaborates with law enforcement agencies and public-sector organizations, including the Taiwan National Police Agency, the Royal Thai Police, the Philippines Cybercrime Investigation and Coordinating Center, the Tokyo Metropolitan Police Department, and the Royal Malaysia Police. These partnerships support its commitment to building a scam-free environment.
Gogolook Website: https://www.gogolook.com/
About Whoscall
Whoscall, developed by Gogolook, is a caller ID and digital anti-scam app designed to protect users from scams across various channels, including phone calls, text messages, social media, and links. With over 100 million downloads globally, it features the most comprehensive database in East and Southeast Asia, covering more than 2.6 billion phone numbers.
Whoscall Website: https://web.whoscall.com/en
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/new-gasa-research-71-of-adults-surveyed-across-13-asian-markets-encountered-scams-with-estimated-losses-of-us136-5-billion-302914904.html
SOURCE Gogolook
Technology
Voqalize Says Voice Is Becoming the Default Way People Use Software
Published
1 minute agoon
October 22, 2026By
Voqalize is infrastructure for making software conversational. Existing applications, websites and AI agents can add a voice interface that listens, sees context, responds and acts, without being rebuilt.
BENGALURU, India, Oct. 22, 2026 /PRNewswire/ — Voqalize today said it gives existing applications, websites and AI agents a voice interface that can listen, see context, respond and act, without rebuilding the application. The company says teams can have it running in about an hour, either through Plug & Play, where Voqalize manages the AI agent and the voice experience, or through a developer integration into their own backend.
Imagine telling a clothing app: “I’ve got an outdoor wedding in Napa on the 20th. I need something under two hundred that goes with the shoes I bought in the spring.” The app pulls those shoes from your order history and lays out six options beside them. “Not the floral. Show me the second one in the navy.” It swaps the color and puts the shoes next to it. Then it adds: “You sent back a medium from this brand last time, so I picked the large. It arrives on the 17th.” You look it over and tap buy. That is the shift Voqalize is building for: voice not as input, but as an interface to software.
Fast facts
Apple’s iOS 27, released in September, lets Siri read what’s on a user’s screen and take actions inside appsGoogle reports that roughly one in five Gemini Live conversations now add a camera or screen share, with voice used in 63% of interactions across Gemini’s 1 billion-plus monthly usersA Censuswide survey of 700 business leaders and consumers for Voices, published Jan. 28, 2026, found that 55% of consumers say voice is their primary AI interface, while only 29% of companies have deployed customer-facing voice AI
Dictation Proved People Will Talk to Their Software
Dictation and notetaking apps are among the fastest-growing categories in consumer AI. Wispr, valued at $2 billion, and Granola, valued at $1.5 billion, have both built large user bases on a simple premise: people would rather talk than type, once the transcription is good enough. Wispr says the habit sticks. After six months, its average user writes 72% of their characters by voice.
The category is already moving past that original pitch. Wispr raised its most recent round on a case for going “beyond dictation.” Granola is expanding from a meeting notetaker into what it describes as a context layer for company AI. Superhuman acquired the notetaker Fathom in September. Talking to software stopped being the hard part. What people do with that voice next, and how directly it’s built into the products they already use, is where the category is headed.
“The next billion people coming online won’t type their way onto the internet. They’ll talk their way on, in whatever mix of languages they speak at home.” Sripathi Krishnan, Co-founder, Voqalize
Voice Is Moving From Typing Substitute to Default Interface
Voqalize’s argument is that voice is moving from a typing substitute into the default way people use an app: a running conversation, not a single dictated sentence, where the app listens, responds and can act on what’s on screen, with the interruptions and mid-task changes of direction that come with a real conversation. That mirrors a broader shift already underway on the phone line, where most current “voice AI” is still built around short, scripted calls that book an appointment or qualify a lead and then hang up. Apple’s iOS 27 and Google’s Gemini Live both point at the same shift: voice agents that can see a screen and act on it rather than just transcribe speech.
How Do You Add a Voice Interface to an Existing App?
An existing application or device connects through Voqalize rather than being rebuilt inside a new platform: Voqalize supplies the two-way voice channel and the ability to read and act on whatever is on screen. Businesses choose how much to hand over. With Plug & Play, Voqalize manages the AI agent and the voice experience. With a developer integration, businesses add Voqalize’s voice capabilities to their own backend while keeping control of their AI agent and workflows.
In some deployments, that voice is paired with a face on screen as well, so the person on the other end has something to talk to, not just a voice in the room. Sripathi Krishnan, the company’s co-founder, has argued that the harder part of that conversation may not be how fluently the agent talks, but how well it listens and knows when to stay quiet. Voqalize also works across Indic languages, because conversations in India often move between languages mid-sentence. A majority of Indian internet users already engage with content in Indic languages. Voice also makes software accessible across languages and across literacy and input constraints.
Building Toward Plug-and-Play Voice, Across Apps and Devices
Today, adding Voqalize to a product means connecting an existing application or device through a single interface, without rebuilding it inside a new platform. Voqalize says its near-term work is on extending that same one-connection model further, so that adding two-way voice to a new app, or to a device beyond the phone and the browser, becomes a plug-and-play step rather than a custom integration. That direction follows a broader move already visible in the industry: voice infrastructure is consolidating around shared frameworks instead of one-off builds, and AI tools are increasingly connecting to each other through standard connectors rather than custom code written for each pairing. Voqalize says it intends to be the layer that makes that same simplicity available for voice specifically, across whatever app or device a company is already building for.
“Soon people will judge an app by how well it understands them, the way you judge a shop by whether the person behind the counter gets what you mean.” Samkeet Jain, Co-founder, Voqalize
Voqalize is available today for teams adding a two-way voice interface to an existing product or AI agent. Early deployments include in-app assistants for mortgage servicing workflows, legal clause review, and authenticated banking support. Voqalize was also named one of the 30 products in YourStory’s Vibecode30 2026, a showcase of emerging AI-native builders in India.
About Voqalize Voqalize is a voice AI platform that makes it easy for businesses to add two-way voice conversations to their applications and AI agents across 60+ Global and Indic languages. With Plug & Play, Voqalize manages the AI agent and voice experience for you. With our developer integration, businesses can add Voqalize’s voice capabilities to their own backend while keeping control of their AI agent and workflows. Go ahead and build your next voice-enabled applications with us on voqalize.com.
Media Contact: Samkeet Jain / +91 8147514179 / Samkeet@voqalize.com
View original content to download multimedia:https://www.prnewswire.com/in/news-releases/voqalize-says-voice-is-becoming-the-default-way-people-use-software-302915851.html
Technology
Sungrow Advances Integrated C&I Microgrid Solution to Southeast Asia
Published
2 minutes agoon
October 22, 2026By
KUALA LUMPUR, Malaysia, Oct. 22, 2026 /PRNewswire/ — As Southeast Asia’s manufacturing sector expands, businesses face growing pressure from rising electricity costs, power supply disruptions and increasingly complex energy demands. Sungrow, a globally leading PV inverter and energy storage system provider, has launched the Integrated C&I Microgrid Solution for Southeast Asia, bringing together PV inverters, energy storage systems, EV chargers, microgrid controllers and cloud platforms. The solution helps businesses access more economical, reliable, and cleaner power.
End-to-End Cost Optimization, Improving Overall Benefits by 12%
For businesses seeking to reduce energy costs without compromising power reliability, system sizing and energy dispatch are critical. Sungrow’s Integrated C&I Microgrid Solution is engineered to make clean energy a more cost-competitive choice for businesses.
Optimized System Sizing: 8,760-hour simulations and intelligent algorithms evaluate tens of thousands of system configurations to optimize the capacity of PV, storage and diesel generation, helping avoid overinvestment and undersized systems.Intelligent Energy Dispatch: PV generation and load forecasts are updated every five minutes. Based on these forecasts and real-time electricity prices, AI dynamically optimizes the dispatch of multiple energy sources, including PV, energy storage and diesel generation, helping businesses meet their energy needs at a lower cost. This boosts overall economic benefits by 12% and shortens project payback periods by 1–2 years.Flexible Market Participation: Open interfaces and support for major electricity market protocols enable participation in diverse market mechanisms and unlock additional revenue streams.
Industry-First Five-Layer Protection for Reliable Power
For factories and commercial facilities, power outages can halt equipment, disrupt production and prolong recovery. Reliable power for critical loads is essential to keeping operations running.
Sungrow’s Integrated C&I Microgrid Solution features an industry-first five-layer protection framework, with tailored control strategies for different levels of grid disturbance. It can withstand three times overload for 10 seconds and severe voltage disturbances, helping protect critical loads from supply disruptions. With seamless grid-to-off-grid switching with no interruption to loads and whole-site black-start capability in just 3 minutes, the solution helps ensure a reliable power supply and rapid recovery during grid disruptions.
Support Throughout the Project Lifecycle
From system design and deployment to long-term operation, Sungrow simplifies the entire project lifecycle with full-stack in-house technologies and global service support.
Simplified Design and Deployment: One-stop system design, plug-and-play installation and one-click cloud connection streamline the journey from planning to commissioning.Smarter Operations: Coordinated PV, storage, EV charging, microgrid control and cloud management enable flexible energy dispatch, unified cloud-based management and automatic fault alerts.Global Service Support: With more than 520 service locations, 24/7 technical support and global spare parts centers, Sungrow helps keep projects running reliably over the long term.
Real-World Applications: Powering Energy Independence
“Sungrow’s Integrated C&I Microgrid Solution has been deployed across multiple locations in Southeast Asia, addressing diverse energy challenges for businesses,” said Huang Wanfeng, director of the Smart Energy Products Department at Sungrow.
In the Solomon Islands, the Solomon Resort Hotel Microgrid enables reliable off-grid hotel operations while helping reduce annual CO₂ emissions by around 1,000 tonnes and fuel costs by an estimated USD 600,000–700,000. Meanwhile, in Indonesia, Sungrow’s microgrid solution helps address power supply challenges in industrial parks, reducing reliance on diesel generation.
With proven experience across diverse applications, Sungrow is committed to helping businesses across Southeast Asia build more reliable, cost-efficient and resilient energy systems.
Contact:
Luly Wang
luly.wang@sungrow-hq.com
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/sungrow-advances-integrated-ci-microgrid-solution-to-southeast-asia-302916312.html
SOURCE Sungrow Power
New GASA Research: 71% of Adults Surveyed Across 13 Asian Markets Encountered Scams, with Estimated Losses of US$136.5 Billion
Voqalize Says Voice Is Becoming the Default Way People Use Software
Sungrow Advances Integrated C&I Microgrid Solution to Southeast Asia
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