Baidu Q1 Profit Down, Revenue Edges Up

(RTTNews) - Baidu.com Inc. (BIDU), a Chinese internet and artificial intelligence company, reported Thursday that its first-quarter net income attributable to the company was RMB5.45 billion or $755 million, down 6 percent from last year's RMB5.83 billion.

Earnings per ADS were RMB14.91 or $2.07, down from RMB15.92 a year ago.

Adjusted net income was RMB7.01 billion or $971 million, compared to RMB5.73 billion a year ago. Adjusted earnings per ADS was RMB19.91 or $2.76, compared to RMB16.10 last year.

Total revenues edged up 1 percent to RMB 31.51 billion or $4.37 billion from prior year's RMB31.14 billion.

Rong Luo, CFO of Baidu, said, "In the first quarter of 2024, Baidu Core's non-GAAP operating margin expanded both year-over-year and quarter-over-quarter to 23.5%. We have established a track record of consistently improving operational efficiency. In the coming quarters, we will execute on what is needed to optimize our operational efficiency in support of our AI enabled businesses and high-quality growth, and maintain a healthy non-GAAP operating margin."

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