Jinwu Caixun| Baidu (09888) announced that in the first quarter of 2024, net profit attributable to Baidu recorded 54forzahorizon5crashingpcreddit.48 billion yuan (RMB, the same below), down 9% year-on-year and up 110% quarter-on-quarter; basic income per common share was 1.87 yuan, and basic income per American depositary share was 14.97 yuan. The adjusted net profit was 7.011 billion yuan, a year-on-year increase of 22% and a quarter-on-quarter decline of 10%; the adjusted diluted income per American depositary share was 19.91 yuan.

During the period, total revenue recorded 31.513 billion yuan, up 1% year-on-year and down 10% quarter-on-quarter. Adjusted EBITDA recorded 8.244 billion yuan, up 1% year-on-year and down 9% quarter-on-quarter. Adjusted EBITDA margin was 26%.

Among them, Baidu's core revenue was 23.8 billion yuan (US$3.30 billion), a year-on-year increase of 4%; online marketing revenue was 17 billion yuan (US$2.36 billion), a year-on-year increase of 3%, and non-online marketing revenue was 6.8 billion yuan (US$935 million), a year-on-year increase of 6%, mainly driven by the smart cloud business. iQiyi's revenue was 7.9 billion yuan (US$1.10 billion), a year-on-year decrease of 5%.

During the period, operating profit was 5.5 billion yuan (US$760 million). Baidu's core operating profit was 4.5 billion yuan (US$629 million), and Baidu's core operating profit margin was 19%. Operating profit under non-GAAP was 6.7 billion yuan (US$924 million). Baidu's core operating profit under non-GAAP is 5.6 billion yuan (US$774 million), and Baidu's core operating profit margin under non-GAAP is 23%. itsforzahorizon5crashingpcredditHis total net profit was 1.2 billion yuan (US$173 million), a year-on-year decrease of 52%, mainly due to a decrease in fair value gains on long-term investments, partially offset by an increase in net foreign exchange gains. Income tax expenses were 883 million yuan (US$122 million), compared with 1.2 billion yuan in the same period last year.

During the period, cost of sales was 15.3 billion yuan (US$2.12 billion), a year-on-year increase of 1%, mainly due to increased traffic acquisition costs and costs related to smart cloud services, partially offset by reduced content costs.

Selling and management expenses were 5.4 billion yuan (US$745 million), accounting for 17% of total quarterly revenue, compared to 18% in the same period last year. R & D expenses were 5.4 billion yuan (US$742 million), a year-on-year decrease of 1%, mainly due to the decrease in personnel-related expenses and other R & D expenses, partially offset by the increase in server depreciation expenses and server rack fees that support generative AI R & D investment.