Baidu Inc. (BIDU, Financial), the Chinese search engine giant, recorded an 14% rise in net income to 7.63 billion yuan ($ 1.09 billion) with revenues of 33.56 billion yuan ($4.64 billion), albeit slightly higher than the predicted 33.43 billion yuan in its Q3 report. This outstanding performance surpasses the analysts' expectations. Also, Baidu posted adjusted profit of $3.08 per share with adjusted earnings $2.37 per share.
Here are some additional details about Baidu's Q3 2024 performance and future plans:
Business Highlights
- AI Cloud Expansion: Moreover, the company experienced a 12% year-on-year increase in the non-online marketing revenue of $1.1 billion powered by the growth of the AI powered cloud computing business.
- Apollo Go: Baidu's Apollo Go autonomous ride-hailing service is still leading the global market; it completed 988,000 trips in Q3 2024, up 20% from the previous year.
- ERNIE Chatbot: Currently, Baidu's Ernie chatbot serves 430 million users, posing a big threat to OpenAI's ChatGPT.
Future Plans
- Xiaodu AI Glasses Launch: Baidu is planning to release the Xiaodu AI Glasses by the first half of the next year. The smart glasses will have at least one camera, use Ernie's AI technology, and integrate Baidu search and mapping function ability from Baidu.
- AI-Focused Strategy: With tight competition, Baidu continues to adhere to the AI-focused approach and aims to create value for customers, companies, and society as a whole.
You can make more informed investment decisions. Visit GuruFocus today and dive deeper into Baidu performance with Charts & Guru Insights
