Baidu's 2024 Q2 Financial Report Revenue and AI Updates

TapTechNews August 22nd news, Baidu released its second quarter financial report for 2024 today: The total revenue was 33.9 billion yuan, basically flat year-on-year. The net profit attributable to Baidu was 5.5 billion yuan. Excluding U.S. generally accepted accounting principles, the net profit attributable to Baidu was 7.4 billion yuan.

During the earnings conference call, Robin Li, the founder, chairman and chief executive officer of Baidu, said: 18% of the search results have been generated by AI, providing users with more accurate and direct answers. At the same time, the distribution volume of the intelligent agent in Baidu's ecosystem has increased significantly, with the daily average distribution exceeding 8 million times in July, twice that of May.

The financial report shows that Baidu Smart Cloud's Q2 revenue reached 5.1 billion yuan, an increase of 14% year-on-year, and the revenue contribution of AI further increased to 9%, higher than 6.9% in the previous quarter. For details, see TapTechNews' previous report.

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Baidu's Q2 2024 revenue was 33.931 billion yuan, basically flat year-on-year, and iQiyi's revenue decreased by 5% year-on-year.