Baidu released Q1 financial report: revenue of 31.5 billion yuan, net profit increased by 22% year on year

On May 16, Baidu Release Q1 financial report of 2024, showing the quarter Total revenue 31.5 billion yuan, and Baidu's core revenue was 23.8 billion yuan. Meanwhile, the net profit attributable to Baidu (Non- GAAP ）The net profit attributable to Baidu core (Non GAAP) was 6.628 billion yuan, up 26% year on year, both exceeding market expectations.

Founder, Chairman and CEO of Baidu Li Yanhong He said, "With the advent of the era of generative AI in China, basic models such as Wenxin Big Model will become infrastructure and integrate into all aspects of people's lives. We are making Wenxin Big Model series more affordable and efficient. This will bring more opportunities to Baidu."

Luo Rong, chief financial officer of Baidu, said, "In the first quarter of 2024, Baidu's core operating profit margin (Non GAAP) reached 23.5%, growing year on year and month on month. We have established a record of continuously improving operational efficiency. In the next few quarters, we will implement the necessary measures to improve operational efficiency to support our AI business and high-quality growth, and maintain a healthy operating profit margin (Non GAAP). "

Public information shows that Baidu recently launched several lightweight big language models, making Wenxin's big model series more efficient and affordable; Three development tools, AgentBuilder, AppBuilder and ModelBuilder, are launched to help developers and enterprises create agents, develop AI native applications and customized models, reduce barriers and improve efficiency. Thanks to the mutual promotion of Wenxin Model and Flying Paddle, the number of developers in Flying Paddle Community has reached 13 million by the middle of April.

The financial report shows that in March 2024, Baidu App's monthly active users reached 676 million, up 3% year on year, and its quarterly online marketing revenue was 17 billion yuan. Baidu is continuing to promote AI restructuring search. Agents built based on Wenxin agent platform AgentBuilder can be distributed in Baidu search and other ecosystems to enrich the content ecosystem and improve customer efficiency.

In the field of automatic driving, as of April 19, the cumulative number of service orders of Radish Run exceeded 6 million; In the first quarter, about 826000 passenger services were provided, up 25% year on year. On Baidu Apollo Day on May 15, Baidu Apollo released the world's first large-scale model Apollo ADMM that supports L4 level automatic driving, and introduced the sixth generation of turnip fast running driverless car, bringing a safer, more comfortable, green and low-carbon way of travel.

According to the financial report, Baidu released its annual ESG report on May 13. In the ESG report, Robin Li said that Baidu adheres to ESG governance and practices the concept of sustainable development. Baidu continues to issue ESG reports every year, aiming at making ESG actions not only visible, but also accelerating, and contributing to the creation of long-term sustainable development and the well-being of everyone. (Dingxi)