Gelonghui May 16 | Baidu Group-SW (09888.HK) announced its results for the first quarter of 2024. The total revenue for the first quarter of 2024 was RMB 31.5 billion (US$4.37 billion), an increase of 1% over the previous year. Baidu's core revenue was RMB 23.8 billion (US$3.30 billion), up 4% year on year; online marketing revenue was RMB 17 billion (US$2.36 billion), up 3% year on year, and non-online marketing revenue was RMB 6.8 billion (US$935 million), up 6% year over year, mainly driven by smart cloud business. iQiyi's revenue was RMB 7.9 billion (US$1.1 billion).
“Online marketing revenue from Baidu's core business remained stable, and our end-to-end optimization of the AI technology stack continued to drive the growth of smart cloud revenue this quarter.” Li Yanhong, co-founder and CEO of Baidu, said, “As a new era of generative AI unfolds in China, basic models such as Wenxin will act as relevant infrastructure and be integrated into all aspects of people's lives. We are making the Wenxin series models more affordable and efficient. This should bring more opportunities to Baidu in the future.”
Baidu Chief Financial Officer Luo Rong said, “In the first quarter of 2024, Baidu's core non-GAAP operating margin increased to 23.5% year-on-year and quarterly. We have built a track record of continuously improving operational efficiency. In the coming quarter, we will take the steps needed to optimize operational efficiency to support our artificial intelligence business and high-quality growth, and maintain healthy non-GAAP operating margins.”