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Baidu | 6-K: Baidu Announces Fourth Quarter and Fiscal Year 2023 Results

SEC announcement · Feb 28 16:08

BIDU +6.55%

Summary by Moomoo AI

Baidu, Inc. (NASDAQ: BIDU), a leading AI company, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. The company reported a 6% year-over-year increase in total revenues for Q4 2023, amounting to RMB 34.951 billion (USD 4.923 billion), and a 9% increase for the fiscal year, with revenues reaching RMB 134.598 billion (USD 18.958 billion). Operating income for Q4 rose by 17% year-over-year to RMB 5.392 billion (USD 759 million), while the fiscal year saw a 37% increase to RMB 21.856 billion (USD 3.078 billion). Net income attributable to Baidu for Q4 was RMB 2.599 billion (USD 366 million), a 48% decrease from the previous year, but the fiscal year net income grew by 169% to RMB 20.315 billion (USD 2.861 billion). The company also highlighted operational efficiencies and high-quality growth as ongoing goals. Baidu's AI Cloud business drove non-online marketing revenue growth, and its autonomous ride-hailing service, Apollo Go, provided 839K rides in Q4, a 49% increase year-over-year. Baidu App's monthly active users (MAUs) reached 667 million in December 2023, a 3% increase from the previous year. The company's video streaming platform, iQIYI, reported an average daily number of total subscribing members at 100.3 million for the quarter. Baidu's management will hold an earnings conference call to discuss the results.

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