🔹 Adj EPS: ¥19.18 (Est. ¥14.13); DOWN -12% YoY
🔹 Revenue: ¥34.1B (Est. ¥33.32B) 🟢; DOWN -2% YoY
🔹 Adj EBITDA: ¥6.95B (Est. ¥7.871B) 🔴; DOWN -23% YoY
🔹 Adj EBITDA Margin: 20% (Est. 23.53%) 🔴
🔹 FCF (excl. iQIYI): -¥476M; DOWN from +¥6.34B YoY
Segment Performance:
Baidu Core:
🔹 Revenue: ¥27.7B; UP +1% YoY
🔹 Online Marketing Revenue: ¥17.9B (Est. ¥19.004B) 🔴; DOWN -7% YoY
🔹 Non-Online Marketing Revenue: ¥9.8B (Est. ¥13.951B) 🔴; UP +18% YoY
🔹 Adj Operating Income: ¥4.6B; DOWN -25% YoY
🔹 Adj EBITDA: ¥6.5B; DOWN -20% YoY
🔹 Adj EBITDA Margin: 24%; DOWN from 30% YoY
iQIYI:
🔹 Revenue: ¥6.6B; DOWN -14% YoY
AI Cloud:
🔸 AI Cloud revenue growth accelerated to 26% YoY
🔸 ERNIE API calls reached 1.65B daily in Dec 2024, with external calls UP +178% QoQ
Intelligent Driving (Apollo Go):
🔸 Provided 1.1M rides in Q4, UP +36% YoY
🔸 Commenced 100% fully driverless operations across China since Feb 2025
🔸 Granted permits for autonomous driving testing in Hong Kong (Nov 2024)
Mobile Ecosystem:
🔸 Baidu App MAUs: 679M in Dec 2024, UP +2% YoY
🔸 Managed Page accounted for 48% of Baidu Core’s online marketing revenue
CEO Robin Li’s Commentary:
🔸 "2024 marked a pivotal year in our ongoing transformation from an internet-centric to an AI-first business. AI Cloud gained momentum, fueled by broad market recognition of our full stack AI capabilities."
🔸 "Apollo Go, after years of investment, validated its business model, paving the way for global expansion and scalable, asset-light strategies."
🔸 "With our strategic foresight increasingly validated, we expect our AI investments to deliver more significant results in 2025."
CFO Junjie He’s Commentary:
🔸 "Our AI Cloud business demonstrated robust momentum with fourth-quarter revenue growth accelerating to 26% year over year, offsetting the softness in online marketing business."