Technology

Baidu Announces Fourth Quarter and Fiscal Year 2024 Results

Published

1 year ago

February 18, 2025

BEIJING, Feb. 18, 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 quarter and fiscal year ended December 31, 2024.

“2024 marked a pivotal year in our ongoing transformation from an internet-centric to an AI-first business. AI Cloud gained momentum, fueled by broad market recognition of our full stack AI capabilities. In Mobile Ecosystem, we have been steadfast in advancing the AI transformation, making search more AI-native to deliver a better user experience. Apollo Go, after years of investment, validated its business model, paving the way for global expansion and scalable, asset-light strategies,” said Robin Li, Co-founder and CEO of Baidu. “With our strategic foresight increasingly validated, we expect our AI investments to deliver more significant results in 2025.”

“Our AI Cloud business demonstrated robust momentum with fourth-quarter revenue growth accelerating to 26% year over year, offsetting the softness in online marketing business,” said Junjie He, Interim CFO of Baidu. “While navigating near-term pressures, we are confident that our strategic AI investments will drive meaningful progress and foster long-term success.”

Fourth Quarter and Fiscal Year 2024 Financial Highlights[1]

Baidu, Inc.

(In millions except per

ADS, unaudited)

2023

2024

YOY

2023

2024

YOY

RMB

US$

RMB

US$

Total revenues

34,951

33,557

34,124

4,675

(2 %)

134,598

133,125

18,238

(1 %)

Operating income

5,392

5,925

3,917

537

(27 %)

21,856

21,270

2,914

(3 %)

Operating income
(non-GAAP) [2]

7,075

7,014

5,047

691

(29 %)

28,433

26,234

3,594

(8 %)

Net income to Baidu

2,599

7,632

5,192

711

100 %

20,315

23,760

3,255

17 %

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

7,755

5,886

6,709

919

(13 %)

28,747

27,002

3,699

(6 %)

Diluted earnings per
ADS

6.77

21.60

14.26

1.95

111 %

55.08

65.91

9.03

20 %

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

21.86

16.60

19.18

2.63

(12 %)

80.85

76.85

10.53

(5 %)

Adjusted EBITDA [2]

9,057

8,733

6,954

953

(23 %)

35,823

33,078

4,532

(8 %)

Adjusted EBITDA
margin

26 %

20 %

27 %

25 %

Baidu Core

(In millions, unaudited)

2023

2024

YOY

2023

2024

YOY

RMB

US$

RMB

US$

Total revenues

27,488

26,524

27,698

3,795

1 %

103,465

104,712

14,345

1 %

Operating income

4,668

5,694

3,638

498

(22 %)

18,825

19,478

2,668

3 %

Operating income
(non-GAAP) [2]

6,197

6,652

4,647

637

(25 %)

24,748

23,890

3,273

(3 %)

Net income to Baidu
Core

2,440

7,536

5,283

724

117 %

19,401

23,431

3,210

21 %

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

7,500

5,676

6,741

924

(10 %)

27,418

26,335

3,608

(4 %)

Adjusted EBITDA [2]

8,118

8,336

6,516

893

(20 %)

31,863

30,587

4,190

(4 %)

Adjusted EBITDA
margin

30 %

31 %

24 %

31 %

29 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2993 as of December 31, 2024,
as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are
provided solely for the convenience of the reader.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Operational Highlights

Corporate

Baidu returned US$356 million to shareholders since Q4 2024, bringing the cumulative repurchase to over US$1 billion since 2024 and to US$1.7 billion under the 2023 share repurchase program.Baidu earned a position in the global edition of the S&P Global Sustainability Yearbook for the first time, demonstrating its further advancement in ESG performance. The selection stems from a comprehensive evaluation of 7,690 companies globally as part of the S&P Global 2024 Corporate Sustainability Assessment, underscoring Baidu’s sustainability practices.Forbes China placed Baidu on its 2024 China ESG 50 list.

AI Cloud

ERNIE handled approximately 1.65 billion API calls daily in December 2024, with external API calls increasing by 178% quarter over quarter, highlighting particularly strong momentum.The MAU of Baidu Wenku’s AI-enabled features reached 94 million in December 2024, with a 216% year over year and an 83% quarter over quarter increase.

Intelligent Driving

Apollo Go, Baidu’s autonomous ride-hailing service, provided over 1.1 million rides in the fourth quarter of 2024, up 36% year over year.In January 2025, accumulated rides provided to the public by Apollo Go surpassed 9 million.In November 2024, Apollo Go was granted permits to conduct autonomous driving testing on public roads in Hong Kong, making Apollo Go the first and only of its kind to receive robotaxi testing authorization in the region. This marks Apollo Go’s first entry into a right-hand drive, left-hand traffic market.Apollo Go has commenced 100% fully driverless operations across China since February 2025.

Mobile Ecosystem

In December 2024, Baidu App’s MAUs reached 679 million, up 2% year over year.Managed Page accounted for 48% of Baidu Core’s online marketing revenue in the fourth quarter of 2024.

Fourth Quarter 2024 Financial Results

Total revenues were RMB34.1 billion ($4.68 billion), decreasing 2% year over year.

Revenue from Baidu Core was RMB27.7 billion ($3.80 billion), increasing 1% year over year; online marketing revenue was RMB17.9 billion ($2.46 billion), decreasing 7% year over year, and non-online marketing revenue was RMB9.8 billion ($1.34 billion), up 18% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB6.6 billion ($906 million), decreasing 14% year over year.

Cost of revenues was RMB18.0 billion ($2.47 billion), increasing 3% year over year, primarily due to an increase in traffic acquisition costs, costs related to AI Cloud business and a one-time write-down of inventories, partially offset by a decrease in personnel-related expenses and content costs.

Selling, general and administrative expenses were RMB6.7 billion ($915 million), increasing 14% year over year, primarily due to an increase in expected credit losses, and channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses. RMB561 million of the increase in expected credit losses was pertaining to a one-time accrual.

Research and development expenses were RMB5.5 billion ($756 million), decreasing 12% year over year, primarily due to a decrease in personnel-related expenses, partially offset by an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.

Operating income was RMB3.9 billion ($537 million) in Q4, compared to RMB5.4 billion for the same period last year. Baidu Core operating income was RMB3.6 billion ($498 million), and Baidu Core operating margin was 13% in Q4, compared to RMB4.7 billion and 17% for the same period last year. The decrease was due to one-time losses of RMB1.0 billion including accrual of expected credit losses, write-down of inventories and others. Non-GAAP operating income was RMB5.0 billion ($691 million). Non-GAAP Baidu Core operating income was RMB4.6 billion ($637 million), and non-GAAP Baidu Core operating margin was 17%.

Total other income, net was RMB2.7 billion ($364 million), compared to total other loss, net of RMB2.5 billion for the same period last year, mainly due to an increase in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar, and a decrease in pickup of losses from an equity method investment, which modified certain terms of its preferred shares and resulted in significant loss pickup in 2023.

Income tax expense was RMB1.6 billion ($222 million), compared to income tax benefit of RMB96 million for the same period last year.

Net income attributable to Baidu was RMB5.2 billion ($711 million), and diluted earnings per ADS was RMB14.26 ($1.95). Net income attributable to Baidu Core was RMB5.3 billion ($724 million), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB6.7 billion ($919 million). Non-GAAP diluted earnings per ADS was RMB19.18 ($2.63). Non-GAAP net income attributable to Baidu Core was RMB6.7 billion ($924 million), and non-GAAP net margin for Baidu Core was 24%.

Adjusted EBITDA was RMB7.0 billion ($953 million) and adjusted EBITDA margin was 20%. Adjusted EBITDA for Baidu Core was RMB6.5 billion ($893 million) and adjusted EBITDA margin for Baidu Core was 24%.

As of December 31, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB139.1 billion ($19.06 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB134.7 billion ($18.45 billion). Free cash flow was RMB23 million ($3 million), and free cash flow excluding iQIYI was negative RMB476 million (negative $65 million).

Fiscal Year 2024 Results

Total revenues were RMB133.1 billion ($18.24 billion), decreasing 1% year over year.

Revenue from Baidu Core was RMB104.7 billion ($14.35 billion), increasing 1% year over year; online marketing revenue was RMB73.0 billion ($10.00 billion), decreasing 3% year over year, and non-online marketing revenue was RMB31.7 billion ($4.35 billion), up 12% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB29.2 billion ($4.00 billion), decreasing 8% year over year.

Cost of revenues was RMB66.1 billion ($9.06 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs, bandwidth costs and server custody fees, partially offset by a decrease in personnel-related expenses and content costs.

Selling, general and administrative expenses were RMB23.6 billion ($3.24 billion), which remained flat compared to the same period last year.

Research and development expenses were RMB22.1 billion ($3.03 billion), decreasing 9% year over year, primarily due to a decrease in personnel-related expenses.

Operating income was RMB21.3 billion ($2.91 billion). Baidu Core operating income was RMB19.5 billion ($2.67 billion), and Baidu Core operating margin was 19%. Non-GAAP operating income was RMB26.2 billion ($3.59 billion). Non-GAAP Baidu Core operating income was RMB23.9 billion ($3.27 billion), and non-GAAP Baidu Core operating margin was 23%.

Total other income, net was RMB7.4 billion ($1.01 billion), increasing 120% year over year, primarily due to a decrease in pickup of losses from an equity method investment, which modified certain terms of its preferred shares and resulted in significant loss pickup in 2023.

Income tax expense was RMB4.4 billion ($609 million), compared to RMB3.6 billion in the same period last year.

Net income attributable to Baidu was RMB23.8 billion ($3.26 billion), and diluted earnings per ADS was RMB65.91 ($9.03). Net income attributable to Baidu Core was RMB23.4 billion ($3.21 billion), and net margin for Baidu Core was 22%. Non-GAAP net income attributable to Baidu was RMB27.0 billion ($3.70 billion). Non-GAAP diluted earnings per ADS was RMB76.85 ($10.53). Non-GAAP net income attributable to Baidu Core was RMB26.3 billion ($3.61 billion), and non-GAAP net margin for Baidu Core was 25%.

Adjusted EBITDA was RMB33.1 billion ($4.53 billion) and adjusted EBITDA margin was 25%. Adjusted EBITDA for Baidu Core was RMB30.6 billion ($4.19 billion) and adjusted EBITDA margin for Baidu Core was 29%.

Free cash flow was RMB13.1 billion ($1.80 billion), and free cash flow excluding iQIYI was RMB11.1 billion ($1.52 billion).

Conference Call Information

Baidu’s management will hold an earnings conference call at 7.30 AM on February 18, 2025, U.S. Eastern Time (8.30 PM on February 18, 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. Q4 2024 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10044727-f3pyuq.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, 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

Twelve Months Ended

December 31,

September 30,

December 31,

2023

2024

2023

2024

RMB

US$(2)

RMB

US$(2)

Revenues:

Online marketing services

20,804

20,108

19,340

2,650

81,203

78,563

10,763

Others

14,147

13,449

14,784

2,025

53,395

54,562

7,475

Total revenues

34,951

33,557

34,124

4,675

134,598

133,125

18,238

Costs and expenses:

Cost of revenues(1)

17,418

16,399

18,014

2,467

65,031

66,102

9,056

Selling, general and administrative(1)

5,854

5,867

6,678

915

23,519

23,620

3,236

Research and development(1)

6,287

5,366

5,515

756

24,192

22,133

3,032

Total costs and expenses

29,559

27,632

30,207

4,138

112,742

111,855

15,324

Operating income

5,392

5,925

3,917

537

21,856

21,270

2,914

Other (loss) income:

Interest income

2,064

1,877

2,001

274

8,009

7,962

1,091

Interest expense

(774)

(673)

(643)

(88)

(3,248)

(2,824)

(387)

Foreign exchange (loss) gain, net

(449)

(1,096)

1,678

230

595

1,076

147

Share of (losses) earnings from equity method investments

(2,970)

(399)

(55)

(3,799)

(691)

(95)

Others, net

(398)

2,535

1,785

1,829

251

Total other (loss) income, net

(2,527)

2,675

2,660

364

3,342

7,352

1,007

Income before income taxes

2,865

8,600

6,577

901

25,198

28,622

3,921

Income tax (benefit) expense

(96)

814

1,619

222

3,649

4,447

609

Net income

2,961

7,786

4,958

679

21,549

24,175

3,312

Net income (loss) attributable to noncontrolling interests

362

154

(234)

(32)

1,234

415

Net income attributable to Baidu

2,599

7,632

5,192

711

20,315

23,760

3,255

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

-Basic

6.85

21.93

14.41

1.97

55.83

66.40

9.10

-Diluted

6.77

21.60

14.26

1.95

55.08

65.91

9.03

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

-Basic

0.86

2.74

1.80

0.25

6.98

8.31

1.14

-Diluted

0.85

2.70

1.78

0.24

6.89

8.24

1.13

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

-Basic

2,812

2,785

2,775

2,807

2,790

-Diluted

2,830

2,789

2,783

2,837

2,798

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

Cost of revenues

159

104

103

590

461

Selling, general and administrative

411

328

297

1,678

1,427

195

Research and development

1,068

612

685

4,077

2,896

397

Total share-based compensation expenses

1,638

1,044

1,085

148

6,345

4,784

655

(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

2023

2024

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

25,231

24,832

3,402

Restricted cash

11,503

11,697

1,602

Short-term investments, net

168,670

102,608

14,057

Accounts receivable, net

10,848

10,104

1,384

Amounts due from related parties

1,424

790

108

Other current assets, net

12,579

18,818

2,580

Total current assets

230,255

168,849

23,133

Non-current assets:

Fixed assets, net

27,960

30,102

4,124

Licensed copyrights, net

6,967

6,930

949

Produced content, net

13,377

14,695

2,013

Intangible assets, net

881

772

106

Goodwill

22,586

3,094

Long-term investments, net

47,957

41,721

5,716

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

24,666

98,535

13,499

Amounts due from related parties

195

137

Deferred tax assets, net

2,100

2,193

300

Operating lease right-of-use assets

10,851

10,898

1,493

Prepayments and receivables related to the proposed acquisition of YY Live, net

13,198

13,547

1,856

Other non-current assets

5,766

16,815

2,304

Total non-current assets

176,504

258,931

35,473

Total assets

406,759

427,780

58,606

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,257

10,669

1,462

Accounts payable and accrued liabilities

37,717

41,443

5,677

Customer deposits and deferred revenue

14,627

14,624

2,003

Deferred income

306

684

Long-term loans, current portion

168

Convertible senior notes, current portion

2,802

242

Notes payable, current portion

6,029

8,026

1,100

Amounts due to related parties

1,603

1,794

246

Operating lease liabilities

3,108

3,303

453

Total current liabilities

76,451

80,953

11,091

Non-current liabilities:

Deferred income

200

231

Deferred revenue

481

585

Amounts due to related parties

Long-term loans

14,223

15,596

2,137

Notes payable

34,990

27,996

3,835

Convertible senior notes

8,144

8,351

1,144

Deferred tax liabilities

2,725

3,870

530

Operating lease liabilities

5,040

4,973

681

Other non-current liabilities

1,820

1,557

213

Total non-current liabilities

67,700

63,215

8,660

Total liabilities

144,151

144,168

19,751

Redeemable noncontrolling interests

9,465

9,870

1,352

Equity

Total Baidu shareholders’ equity

243,626

263,620

36,116

Noncontrolling interests

9,517

10,122

1,387

Total equity

253,143

273,742

37,503

Total liabilities, redeemable noncontrolling interests, and equity

406,759

427,780

58,606

Baidu, Inc.

Selected Information

(In millions, unaudited)

Three months ended
December 31, 2023 (RMB)

Three months ended
September 30, 2024 (RMB)

Three months ended
December 31, 2024 (RMB)

Three months ended
December 31, 2024 (US$)

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Total revenues

27,488

7,707

(244)

34,951

26,524

7,246

(213)

33,557

27,698

6,613

(187)

34,124

3,795

906

(26)

4,675

YOY

1 %

(14 %)

(2 %)

QOQ

4 %

(9 %)

2 %

Costs and expenses:

Cost of revenues (1)

12,050

5,533

(165)

17,418

10,923

5,650

(174)

16,399

13,180

4,995

(161)

18,014

1,806

684

(23)

2,467

Selling, general and administrative (1)

4,936

948

(30)

5,854

4,990

908

(31)

5,867

5,816

882

(20)

6,678

797

121

(3)

915

Research and development (1)

5,834

453

–

6,287

4,917

449

–

5,366

5,064

451

–

5,515

694

–

756

Total costs and expenses

22,820

6,934

(195)

29,559

20,830

7,007

(205)

27,632

24,060

6,328

(181)

30,207

3,297

867

(26)

4,138

YOY

Cost of revenues

9 %

(10 %)

3 %

Selling, general and administrative

18 %

(7 %)

14 %

Research and development

(13 %)

(0 %)

(12 %)

Costs and expenses

5 %

(9 %)

2 %

Operating income (loss)

4,668

773

(49)

5,392

5,694

239

(8)

5,925

3,638

285

(6)

3,917

498

–

537

YOY

(22 %)

(63 %)

(27 %)

QOQ

(36 %)

19 %

(34 %)

Operating margin

17 %

10 %

15 %

21 %

3 %

18 %

13 %

4 %

11 %

Add: total other (loss) income, net

(2,267)

(260)

–

(2,527)

2,667

–

2,675

3,125

(465)

–

2,660

428

(64)

–

364

Less: income tax (benefit) expense

(134)

–

(96)

803

–

814

1,612

–

1,619

221

–

222

Less: net income (loss) attributable to NCI

258(3)

362

125(3)

154

(132)

(104)(3)

(234)

(19)

–

(13)(3)

(32)

Net income (loss) attributable to Baidu

2,440

466

(307)

2,599

7,536

229

(133)

7,632

5,283

(189)

5,192

724

(26)

711

YOY

117 %

–

100 %

QOQ

(30 %)

–

(32 %)

Net margin

9 %

6 %

7 %

28 %

3 %

23 %

19 %

(3 %)

15 %

Non-GAAP financial measures:

Operating income (non-GAAP)

6,197

927

7,075

6,652

370

7,014

4,647

406

5,047

637

691

YOY

(25 %)

(56 %)

(29 %)

QOQ

(30 %)

10 %

(28 %)

Operating margin (non-GAAP)

23 %

12 %

20 %

25 %

5 %

21 %

17 %

6 %

15 %

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

7,500

681

7,755

5,676

480

5,886

6,741

(59)

6,709

924

(9)

919

YOY

(10 %)

–

(13 %)

QOQ

19 %

–

14 %

Net margin (non-GAAP)

27 %

9 %

22 %

21 %

7 %

18 %

24 %

(1 %)

20 %

Adjusted EBITDA

8,118

988

9,057

8,336

405

8,733

6,516

444

6,954

893

953

YOY

(20 %)

(55 %)

(23 %)

QOQ

(22 %)

10 %

(20 %)

Adjusted EBITDA margin

30 %

13 %

26 %

31 %

6 %

26 %

24 %

7 %

20 %

(1) Includes share-based compensation as follows:

Cost of revenues

125

159

104

103

Selling, general and administrative

340

411

268

328

240

297

Research and development

1,020

1,068

574

612

652

685

Total share-based compensation

1,485

153

1,638

915

129

1,044

966

119

1,085

133

148

(2) Relates to intersegment eliminations and adjustments

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

Baidu, Inc.

Selected Information

(In millions except for per ADS information, unaudited)

Twelve months ended
December 31, 2023 (RMB)

Twelve months ended
December 31, 2024 (RMB)

Twelve months ended
December 31, 2024 (US$)

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Total revenues

103,465

31,873

(740)

134,598

104,712

29,225

(812)

133,125

14,345

4,004

(111)

18,238

YOY

1 %

(8 %)

(1 %)

Costs and expenses:

Cost of revenues (1)

42,592

23,103

(664)

65,031

44,830

21,954

(682)

66,102

6,142

3,008

(94)

9,056

Selling, general and administrative (1)

19,623

4,014

(118)

23,519

20,049

3,682

(111)

23,620

2,747

504

(15)

3,236

Research and development (1)

22,425

1,767

–

24,192

20,355

1,778

–

22,133

2,788

244

–

3,032

Total costs and expenses

84,640

28,884

(782)

112,742

85,234

27,414

(793)

111,855

11,677

3,756

(109)

15,324

YOY

Cost of revenues

5 %

(5 %)

2 %

Selling, general and administrative

2 %

(8 %)

0 %

Research and development

(9 %)

1 %

(9 %)

Cost and expenses

1 %

(5 %)

(1 %)

Operating income (loss)

18,825

2,989

21,856

19,478

1,811

(19)

21,270

2,668

248

(2)

2,914

YOY

3 %

(39 %)

(3 %)

Operating margin

18 %

9 %

16 %

19 %

6 %

16 %

Add: total other income (loss), net

4,298

(956)

–

3,342

8,311

(959)

–

7,352

1,139

(132)

–

1,007

Less: income tax expense

3,568

–

3,649

4,386

–

4,447

601

–

609

Less: net income (loss) attributable to NCI

154

1,053(3)

1,234

(28)

416(3)

415

(4)

57(3)

Net income (loss) attributable to Baidu

19,401

1,925

(1,011)

20,315

23,431

764

(435)

23,760

3,210

104

(59)

3,255

YOY

21 %

(60 %)

17 %

Net margin

19 %

6 %

15 %

22 %

3 %

18 %

Non-GAAP financial measures:

Operating income (non-GAAP)

24,748

3,643

28,433

23,890

2,363

26,234

3,273

323

3,594

YOY

(3 %)

(35 %)

(8 %)

Operating margin (non-GAAP)

24 %

11 %

21 %

23 %

8 %

20 %

Net income attributable to Baidu (non-GAAP)

27,418

2,838

28,747

26,335

1,512

27,002

3,608

206

3,699

YOY

(4 %)

(47 %)

(6 %)

Net margin (non-GAAP)

26 %

9 %

21 %

25 %

5 %

20 %

Adjusted EBITDA

31,863

3,918

35,823

30,587

2,510

33,078

4,190

344

4,532

YOY

(4 %)

(36 %)

(8 %)

Adjusted EBITDA margin

31 %

12 %

27 %

29 %

9 %

25 %

(1) Includes share-based compensation as follows:

Cost of revenues

457

133

590

340

121

461

Selling, general and administrative

1,363

315

1,678

1,153

274

1,427

158

195

Research and development

3,888

189

4,077

2,746

150

2,896

376

397

Total share-based compensation

5,708

637

6,345

4,239

545

4,784

581

655

(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

December 31, 2023 (RMB)

September 30, 2024 (RMB)

December 31, 2024 (RMB)

December 31, 2024 (US$)

Baidu

excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Net cash provided by operating activities

9,985

633

10,618

4,036

243

4,279

1,836

520

2,356

252

323

Net cash used in investing activities

(11,805)

(1,431)

(13,236)

(12,300)

(1,663)

(13,963)

(4,741)

(896)

(5,637)

(649)

(123)

(772)

Net cash (used in) provided by financing activities

(7,586)

(22)

(7,608)

(2,787)

(2,612)

(5,399)

(1,784)

114

(1,670)

(245)

(229)

Effect of exchange rate changes on cash, cash equivalents and restricted
cash

(364)

(31)

(395)

(721)

(84)

(805)

582

643

Net decrease in cash, cash equivalents and restricted cash

(9,770)

(851)

(10,621)

(11,772)

(4,116)

(15,888)

(4,107)

(201)

(4,308)

(562)

(28)

(590)

Cash, cash equivalents and restricted cash

At beginning of period

42,063

6,132

48,195

48,878

7,907

56,785

37,106

3,791

40,897

5,084

519

5,603

At end of period

32,293

5,281

37,574

37,106

3,791

40,897

32,999

3,590

36,589

4,522

491

5,013

Net cash provided by operating activities

9,985

633

10,618

4,036

243

4,279

1,836

520

2,356

252

323

Less: Capital expenditures

(3,641)

(19)

(3,660)

(1,637)

(8)

(1,645)

(2,312)

(21)

(2,333)

(317)

(3)

(320)

Free cash flow

6,344

614

6,958

2,399

235

2,634

(476)

499

(65)

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

December 31, 2023 (RMB)

December 31, 2024 (RMB)

December 31, 2024 (US$)

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Net cash provided by operating activities

33,263

3,352

36,615

19,126

2,108

21,234

2,620

289

2,909

Net cash used in investing activities

(48,657)

(1,740)

(50,397)

(6,110)

(2,445)

(8,555)

(837)

(335)

(1,172)

Net cash used in financing activities

(9,876)

(4,286)

(14,162)

(12,391)

(1,368)

(13,759)

(1,698)

(187)

(1,885)

Effect of exchange rate changes on cash, cash equivalents and
restricted cash

189

282

Net (decrease) increase in cash, cash equivalents and restricted cash

(25,081)

(2,581)

(27,662)

706

(1,691)

(985)

(231)

(135)

Cash, cash equivalents and restricted cash

At beginning of period

57,374

7,862

65,236

32,293

5,281

37,574

4,426

722

5,148

At end of period

32,293

5,281

37,574

32,999

3,590

36,589

4,522

491

5,013

Net cash provided by operating activities

33,263

3,352

36,615

19,126

2,108

21,234

2,620

289

2,909

Less: Capital expenditures

(11,154)

(36)

(11,190)

(8,055)

(79)

(8,134)

(1,103)

(11)

(1,114)

Free cash flow

22,109

3,316

25,425

11,071

2,029

13,100

1,517

278

1,795

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

December 31, 2023 (RMB)

September 30, 2024 (RMB)

December 31, 2024 (RMB)

December 31, 2024 (US$)

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,

Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Operating income

4,668

773

5,392

5,694

239

5,925

3,638

285

3,917

498

537

Add: Share-based compensation expenses

1,485

153

1,638

915

129

1,044

966

119

1,085

133

148

Add: Amortization and impairment of intangible assets(1)

–

Operating income (non-GAAP)

6,197

927

7,075

6,652

370

7,014

4,647

406

5,047

637

691

Add: Depreciation of fixed assets

1,921

1,982

1,684

1,719

1,869

1,907

256

262

Adjusted EBITDA

8,118

988

9,057

8,336

405

8,733

6,516

444

6,954

893

953

Net income (loss) attributable to Baidu

2,440

466

2,599

7,536

229

7,632

5,283

(189)

5,192

724

(26)

711

Add: Share-based compensation expenses

1,484

153

1,553

914

129

972

965

119

1,019

131

140

Add: Amortization and impairment of intangible assets(1)

–

Add: Disposal (gain) loss

(37)

(1)

(38)

(1,501)

(1,491)

–

Add: Impairment of long-term investments

132

160

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

403

–

403

(1,361)

(1,358)

(288)

(5)

(290)

(39)

(1)

(40)

Add: Reconciling items on equity method investments(2)

3,172

–

3,172

–

679

–

679

–

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

(136)

–

(136)

–

(30)

–

(30)

(4)

–

(4)

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

7,500

681

7,755

5,676

480

5,886

6,741

(59)

6,709

924

(9)

919

Diluted earnings per ADS

6.77

21.60

14.26

1.95

Add: Accretion of the redeemable noncontrolling interests

0.53

0.01

0.55

0.08

Add: Non-GAAP adjustments to earnings per ADS

14.56

(5.01)

4.37

0.60

Diluted earnings per ADS (non-GAAP)

21.86

16.60

19.18

2.63

(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 per ADS information, unaudited)

Twelve months ended

December 31, 2023 (RMB)

December 31, 2024 (RMB)

December 31, 2024 (US$)

Baidu Core

iQIYI

Baidu, Inc.

Baidu Core

iQIYI

Baidu, Inc.

Baidu Core

iQIYI

Baidu, Inc.

Operating income

18,825

2,989

21,856

19,478

1,811

21,270

2,668

248

2,914

Add: Share-based compensation expenses

5,708

637

6,345

4,239

545

4,784

581

655

Add: Amortization and impairment of intangible assets(1)

215

232

173

180

Operating income (non-GAAP)

24,748

3,643

28,433

23,890

2,363

26,234

3,273

323

3,594

Add: Depreciation of fixed assets

7,115

275

7,390

6,697

147

6,844

917

938

Adjusted EBITDA

31,863

3,918

35,823

30,587

2,510

33,078

4,190

344

4,532

Net income attributable to Baidu

19,401

1,925

20,315

23,431

764

23,760

3,210

104

3,255

Add: Share-based compensation expenses

5,704

637

5,993

4,235

545

4,482

580

613

Add: Amortization and impairment of intangible assets(1)

195

204

165

168

Add: Disposal (gain) loss

(1,926)

(90)

(1,967)

(1,982)

(1,972)

(272)

(270)

Add: Impairment of long-term investments

479

336

631

172

193

260

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

(54)

(52)

(393)

(19)

(403)

(54)

(3)

(55)

Add: Reconciling items on equity method investments(2)

3,918

3,922

1,050

–

1,050

144

–

144

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

(299)

–

(299)

(343)

–

(343)

(47)

–

(47)

Net income attributable to Baidu (non-GAAP)

27,418

2,838

28,747

26,335

1,512

27,002

3,608

206

3,699

Diluted earnings per ADS

55.08

65.91

9.03

Add: Accretion of the redeemable noncontrolling interests

2.02

1.68

0.23

Add: Non-GAAP adjustments to earnings per ADS

23.75

9.26

1.27

Diluted earnings per ADS (non-GAAP)

80.85

76.85

10.53

(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-fourth-quarter-and-fiscal-year-2024-results-302378728.html

SOURCE Baidu, Inc.

Technology

Walmart Has 23.6% of U.S. Grocery Sales – But Costco Owns the AI Answer – 5W Grocery Retail AI Visibility Index 2026

Published

16 minutes ago

May 7, 2026

Walmart Owns 21% of U.S. Grocery — But Costco Owns the AI Answer

NEW YORK, May 7, 2026 /PRNewswire/ — 5WPR, the premier AI communications firm in the United States, today released the U.S. Grocery Retail AI Visibility Index 2026 — the 11th installment in 5W’s AI Visibility Index research series, and the first to rank American grocery retailers by how frequently they are cited inside AI-generated answers.

The headline finding rewrites the category league table.

Walmart, with approximately 21 percent of U.S. grocery market share — the largest in the country — ranks fourth in AI citation share. The retailer cited most often when American shoppers ask ChatGPT, Claude, Perplexity, or Google AI Overviews where to buy their groceries is Costco. Trader Joe’s ranks second. Whole Foods ranks third. Aldi, H-E-B, and Wegmans are all punching far above what their physical footprint would predict.

“Market share is a lagging indicator. AI citation share is a leading indicator,” said Ronn Torossian, Founder and Chairman of 5W. “The grocers who close that gap in 2026 will define the category in 2030. Most grocery CMOs we talk to are running 2019 playbooks against 2026 consumer behavior.”

5W researchers ran more than 80 consumer-intent queries across 12 sub-categories — best overall grocery store, cheapest, highest-quality produce, best private label, best organic, best meal planning, best bulk, best delivery, best customer service, best regional, and others — across the four leading consumer AI platforms. Each retailer was scored on citation frequency, position within the answer, sentiment, and sub-category dominance.

The top 10: Costco, Trader Joe’s, Whole Foods, Walmart, Kroger, Aldi, H-E-B, Publix, Wegmans, and Target.

Key structural findings:

Market share no longer predicts AI citation share. Walmart’s roughly 21 percent share translates to an estimated 8 to 10 percent AI citation share across premium query categories. The decoupling is the single largest such gap in American retail.Private label is the highest-leverage citation asset a grocer owns. Kirkland, Trader Joe’s, 365, Good & Gather, and Great Value are cited directly by name in AI answers at rates that exceed most national CPG brands.Regional loyalty translates directly into regional AI dominance. Regional chains outperform national chains in their home markets by 3x or more.Reddit and TikTok are under-priced citation surfaces. Perplexity pulls a majority of its answers from community sources. ChatGPT and Claude weight Reddit heavily.

The report also identifies six 2026 dynamics reshaping the category, including the new GLP-1 grocery basket, Aldi’s expansion as a citation-compounding program, and Walmart’s CEO transition from Doug McMillon to John Furner — effective February 1, 2026 — as a brand-narrative inflection point.

The full Index, including ranks 11 through 25 and sub-category breakdowns, is available as a free download at 5wpr.com/research.

About 5W

5W is the AI Communications Firm, building brand authority across the platforms where decisions now happen — ChatGPT, Claude, Perplexity, Gemini, and Google AI Overviews — alongside earned media, digital, and influencer channels. 5W combines public relations, digital marketing, Generative Engine Optimization (GEO), and proprietary AI visibility research, helping clients measure and grow their presence in AI-driven buyer research.

Founded more than 20 years ago, 5W has been recognized as a top U.S. PR agency by O’Dwyer’s, named Agency of the Year in the American Business Awards®, and honored as a Top Place to Work in Communications in 2026 by Ragan. 5W serves clients across B2C sectors including Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, and Nonprofit; B2B specialties including Corporate Communications and Reputation Management; as well as Public Affairs, Crisis Communications, and Digital Marketing, including Social Media, Influencer, Paid Media, GEO, and SEO. 5W was also named to the Digiday WorkLife Employer of the Year list.

For more information, visit www.5wpr.com.

Media Contact
Chris Bergin
cbergin@5wpr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/walmart-has-23-6-of-us-grocery-sales—but-costco-owns-the-ai-answer—5w-grocery-retail-ai-visibility-index-2026–302763266.html

SOURCE 5W Public Relations

Technology

ICAT Logistics Appoints Youssef Annali as Chief Financial Officer

Published

16 minutes ago

May 7, 2026

Transportation and logistics finance leader joins as ICAT accelerates its next phase of growth

DALLAS, May 7, 2026 /PRNewswire/ — ICAT Logistics announces the appointment of Youssef Annali as Chief Financial Officer. Annali brings more than two decades of senior finance leadership across global logistics and supply chain businesses, and joins as the company scales its platform, team, and operational capabilities globally.

Annali joins ICAT from OIA Global, a $1.4 billion revenue supply chain management leader, where he served as CFO for four years overseeing Finance, Corporate Development, Strategy, Legal, Compliance, and Real Estate. Prior to OIA, he spent eleven years at CEVA Logistics—one of the world’s largest freight and logistics providers—rising to CFO & EVP Finance for North America, where he held financial accountability for a business generating over $4.5 billion in annual revenue and more than 14,000 employees. Earlier in his career, he served in senior finance roles at Abbott, KPMG, and PricewaterhouseCoopers.

Annali has a consistent track record of building finance functions that support strategic growth and has deep experience across financial planning, M&A, treasury, and corporate restructuring. He holds a Post-Master’s in Finance and Control from the University of Amsterdam and a Master’s in Business Administration from the University of Groningen.

“Youssef has led high-performing finance teams at the highest levels of global logistics. He brings the operational depth and strategic mindset our platform demands as we enter the next phase of growth,” said Brad Stogner, CEO of ICAT Logistics.

“ICAT has built something genuinely differentiated—a specialized platform operating in verticals where precision and domain expertise are non-negotiable. The foundation is strong, and the opportunity ahead is significant. I look forward to working with the team to accelerate that momentum,” said Youssef Annali, Chief Financial Officer of ICAT Logistics.

About ICAT

ICAT is the world’s leading specialized logistics company, delivering customized solutions and deep vertical expertise to industries where failure is not an option. With 65 offices and operating capabilities in 190 countries, ICAT serves customers across Live Events, Luxury, Technology, Defense & Aerospace, Life Sciences, and Financial Institutions—sectors defined by uncompromising performance standards. ICAT’s proprietary, AI-powered technology platform provides end-to-end visibility and predictive intelligence, enabling precise execution for the most demanding operations.

ICAT is backed by New Atlas Capital following its acquisition of the Company in 2024.

Contact Information

ICAT Logistics, Inc.
8840 Cypress Waters Blvd, Ste 325,
Coppell, TX, 75019
marketing@icatlogistics.com

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SOURCE ICAT Logistics, Inc.

Technology

HelloNation Article Highlights Poughkeepsie’s Focus on Youth Investment, Neighborhood Parks and Sustainable Reuse

Published

16 minutes ago

May 7, 2026

The article examines how redevelopment projects and youth programs are reshaping community life across Poughkeepsie.

POUGHKEEPSIE, N.Y., May 7, 2026 /PRNewswire/ — What does long term community growth look like when a city invests in both people and public spaces? HelloNation has published a HelloNation article that provides the answer through a detailed look at how Poughkeepsie is combining youth investment, neighborhood improvements and adaptive reuse projects to support residents and strengthen the city’s future.

The article explains that Poughkeepsie is undergoing a period of reinvention centered on infrastructure upgrades, youth programming and redevelopment along the city’s Northside. According to the article, local and county leaders are working to create spaces where residents can learn, gather and build stronger community connections. The article notes that these efforts are intended to improve quality of life while helping the city grow in a more sustainable and inclusive way.

A major focus of the article is the planned Youth Opportunity Union, also known as the YOU, a large multipurpose youth facility backed by Dutchess County. The HelloNation article describes the project as a 19,000 square foot center that will include childcare services, wellness support, tutoring areas, teaching kitchens and both indoor and outdoor recreation spaces. The article explains that the project reflects a larger regional effort to increase opportunities for children and teenagers in underserved communities.

The article also highlights additional youth centered investments connected to sports, education and recreation. According to the article, Dutchess County has awarded grants to local organizations serving young people between the ages of 6 and 17. The article further explains that Poughkeepsie’s City Parks program has introduced mini grants designed to support renovations and activities in neighborhood parks, including Pershing Avenue and Malcolm X parks.

Beyond youth programs, the article details how the city is working to improve transportation and neighborhood infrastructure. The HelloNation article explains that Poughkeepsie launched its first five year paving plan in 2025, beginning with major roadway improvements on Main Street and other corridors. The article states that these upgrades are intended to improve safety, durability and daily conditions for residents while supporting broader redevelopment goals throughout the city.

Another important part of the article focuses on adaptive reuse and environmental redevelopment on the Northside. The article describes how Scenic Hudson plans to transform the former Standard Gage Factory into the Northside Hub, a redevelopment project designed to serve as both a nonprofit headquarters and a community gathering space. According to the article, the project will feature solar powered operations, office space, public parkland and community facilities near the Walkway Over the Hudson and Dutchess Rail Trail.

The article also explains that Poughkeepsie’s selection as the Mid Hudson winner in New York’s Downtown Revitalization Initiative adds additional momentum to current redevelopment efforts. The HelloNation article notes that the funding will support new downtown projects that build on existing investments in youth programs, infrastructure and adaptive reuse. Together, these efforts are presented as part of a broader strategy to create long term stability and opportunity for local residents.

The article concludes that Poughkeepsie’s emerging identity is closely tied to projects that strengthen neighborhoods while supporting future generations. Poughkeepsie Puts Youth, Neighborhood Parks and Sustainable Reuse at the Center of Renewal features insights from HelloNation Staff Writer, community development coverage of Poughkeepsie, New York, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused digital publications and innovative “edvertising” approach, HelloNation delivers expert-driven, good-news content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities. HelloNation maintains partnerships with the U.S. Conference of Mayors, and the United States First Responders Association.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hellonation-article-highlights-poughkeepsies-focus-on-youth-investment-neighborhood-parks-and-sustainable-reuse-302765999.html

SOURCE HelloNation