Baidu's 2024 Q2 Revenue and Profit Updates, Plus iQiyi's Performance

TapTechNews August 22nd news, Baidu announced today that its revenue in Q2 2024 was 33.931 billion yuan, compared with 34.1 billion yuan in the same period last year and the market expectation of 34.11 billion yuan, basically remaining flat year-on-year.

In Q2 2024, the net profit attributable to Baidu was 5.5 billion yuan, increasing by 5% year-on-year. Excluding US GAAP, the net profit attributable to Baidu was 7.4 billion yuan, decreasing by 8% year-on-year. TapTechNews attaches the performance table as follows:

Baidu's Chief Financial Officer Luo Rong said: In the second quarter, as we accelerated the AI-native transformation of our products, continued to optimize operations and maintained a healthy profit margin. Especially for the AI cloud, we expect the growth to remain strong.

In June 2024, the monthly active users of Baidu App reached 703 million, increasing by 4% year-on-year. In the second quarter of 2024, hosted pages accounted for 51% of Baidu's core online marketing revenue.

The revenue of Baidu Core was 26.7 billion yuan, increasing by 1% year-on-year; among them, the online marketing revenue was 19.2 billion yuan, decreasing by 2% year-on-year, and the non-online marketing revenue was 7.5 billion yuan, increasing by 10% mainly driven by the AI cloud business.

The revenue of iQiyi was 7.4 billion yuan, decreasing by 5% year-on-year. Among them, the membership service revenue was 4.5 billion yuan; the online advertising service revenue was 1.5 billion yuan; the content distribution revenue was 0.7 billion yuan; and other revenues were 780 million yuan. In that quarter, iQiyi's Non-GAAP (non-US GAAP) operating profit was 500 million yuan, and the operating profit margin was 7%.