Baidu released its financial report for the third quarter of 2024, with total revenue reaching 33.6 billion yuan, a year-on-year decrease of 3%. Although the core business revenue is basically stable, the online marketing business fell by 4%, and iQiyi's revenue also fell by 10% year-on-year. However, non-online marketing business grew strongly at 12%. The financial report data shows Baidu's differentiated development trends in different business sectors, and also reflects the current competitive landscape of China's Internet industry.
Baidu today announced its financial report for the third quarter of 2024. Data shows that the company's total revenue reached 33.6 billion yuan in the three months ended September 30, a 3% decrease from the same period last year. In terms of net profit, the net profit attributable to Baidu was RMB 7.6 billion, while the net profit calculated in accordance with non-GAAP was RMB 5.9 billion.
In terms of market segments, Baidu's core business revenue reached 26.5 billion yuan, which was basically stable compared with the same period last year. Revenue from the online marketing business was RMB 18.8 billion, a year-on-year decrease of 4%. At the same time, revenue from non-online marketing business increased by 12% to 7.7 billion yuan. It is worth noting that iQiyi’s revenue was 7.2 billion yuan, a year-on-year decrease of 10%.
In the field of intelligent cloud business, Baidu has also achieved a series of achievements. As of November 2024, Baidu Feipiao and Wenxin Ecosystem have attracted the participation of 118.1 million developers. The average daily API calls processed by Wenxin series models reached 1.5 billion in November, a significant increase from 600 million in August.
In the third quarter, Baidu also launched two new lightweight models, Speed Pro and Lite Pro, to expand the application scope of Wenxin series models.
Baidu's third quarter financial report for 2024 shows the company's complex situation in the process of transformation and upgrading, including the stability of its core business and challenges in some businesses. The growth of intelligent cloud business has provided new impetus for Baidu's future development, and it is worth continuing to pay attention to its further layout in the field of artificial intelligence.