Baidu Inc ( (BIDU) ) has released its Q4 earnings. Here is a breakdown of the information Baidu Inc presented to its investors.
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Baidu Inc., a leading AI company with a strong Internet foundation, operates primarily in the technology sector, focusing on artificial intelligence and internet services. Known for its robust AI innovations, Baidu has continued to pivot towards AI-first business strategies.
In its latest earnings report for the fourth quarter and fiscal year 2024, Baidu highlighted a year of transformation with significant strides in its AI Cloud business, which saw a 26% year-over-year revenue growth in Q4. While facing challenges in online marketing, the company has maintained confidence in its long-term AI investments.
Key financial highlights include a slight decline in overall revenues by 1% to RMB 133.1 billion for the fiscal year. The AI Cloud business emerged as a significant growth driver, offsetting declines in other areas. Baidu’s net income for the year increased by 17%, reaching RMB 23.8 billion, with diluted earnings per ADS growing by 20% to RMB 65.91.
Strategic advancements include Baidu’s AI Cloud handling 1.65 billion API calls daily, and Apollo Go, its autonomous ride-hailing service, surpassing 9 million rides. These achievements underscore Baidu’s commitment to AI-driven growth and innovation.
Looking forward, Baidu’s management remains optimistic about the company’s AI investments, anticipating more significant results in 2025 as it continues to expand in global markets and enhance its service offerings.
