Baidu Reports Fourth Quarter and Fiscal Year 2024 Results
BEIJING, Feb. 18, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company, announced its unaudited financial results for the quarter and fiscal year ended December 31, 2024.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $4.68B | $4.77B | -2% |
| Baidu Core Revenue | $3.80B | $3.76B | +1% |
| Earnings Per ADS | $1.95 | - | - |
| Non-GAAP Net Income | $6.7B | - | - |
| Adjusted EBITDA | $953M | - | - |
Baidu's Q4 revenue slightly decreased by 2% year-over-year (YoY) primarily due to a drop in online marketing revenue, although Baidu Core showed modest growth spurred by the AI Cloud business. The consistent cash flow and profitability metrics indicate strong liquidity and financial health.
Segment Performance
| Segment | Q4 2024 Revenue | YoY Change | Comments |
|---|---|---|---|
| AI Cloud | - | +26% | Significant growth offsetting online marketing declines |
| Online Marketing | $2.46B | -7% | Decline due to shifting market trends |
| iQIYI | $906M | -14% | Continued challenges in traditional sectors |
Baidu's AI Cloud sector is experiencing robust growth, which provides a promising future offsetting the challenges faced in online marketing. The diversification into AI ensures sustainability and potential expansion.
Key Developments
- Baidu returned $356 million to shareholders in Q4 2024, reaching over $1 billion in repurchases since 2024.
- Recognized in the S&P Global Sustainability Yearbook and Forbes China's 2024 China ESG 50 list.
- ERNIE boasted approximately 1.65 billion API calls daily in December 2024.
- Apollo Go provided over 1.1 million rides and initiated 100% driverless operations in China.
Executive Commentary
Robin Li, Baidu's Co-founder and CEO, commented on the transition to an AI-first business and the validation of the company’s strategic foresight. The company's strategic AI investments continue to drive significant results. Junjie He, Interim CFO, highlighted the ongoing robust momentum in AI Cloud, overcoming challenges in online marketing.
Dividends and Share Repurchase
- Share repurchase program led to over $1 billion returned since 2024 and $1.7 billion under the 2023 program.
Forward Guidance and Stock Movement
Baidu did not provide specific forward guidance, focusing instead on strategic long-term planning. After the earnings release, Baidu's stock experienced a 0.92% increase, reflecting investor confidence in its strategic direction.
Baidu remains poised for future growth, driven by its transformative AI initiatives, despite short-term market challenges.
