Baidu's earnings call highlighted significant growth in AI Cloud, Apollo Go, and AI native marketing services, driven by advancements in AI technology such as ERNIE 5.0. However, overall revenue declines, particularly in online marketing and iQIYI, coupled with substantial asset impairments, resulted in operating losses. While there are strong areas of growth, the financial challenges present a mixed outlook.

Company Guidance

During Baidu's Third Quarter 2025 Earnings Conference Call, several key metrics were highlighted to showcase the company's growth and future prospects. In Q3, Baidu Core reported total revenue of RMB 24.7 billion, with AI Cloud revenue reaching RMB 6.2 billion, marking a 21% year-over-year increase. Apollo Go delivered over 3 million fully driverless operational rides, demonstrating a remarkable 212% year-over-year growth. The subscription-based revenue from AI accelerator infrastructure surged by 128% year-over-year, reflecting strong demand for AI products. Baidu's AI-native marketing services, including agents and digital humans, generated RMB 2.8 billion in revenue, representing a significant 262% year-over-year growth. The AI applications segment also contributed RMB 2.6 billion in revenue. Despite a reported operating loss of RMB 15.1 billion due to asset impairment, Baidu demonstrated a non-GAAP operating income of RMB 2.2 billion. The company remains committed to expanding its AI capabilities and global footprint, with Apollo Go now operating in 22 cities, including recent expansions into Switzerland and the Middle East.

AI Cloud Revenue Growth

AI Cloud revenue reached RMB 6.2 billion, increasing 21% year-over-year, showcasing sustained growth momentum.

Apollo Go Expansion

Apollo Go delivered over 3 million fully driverless operational rides in Q3, representing 212% year-over-year growth, and expanded its global footprint to 22 cities.

Strong AI Native Marketing Services Growth

AI native marketing services revenue reached RMB 2.8 billion, representing a 262% year-over-year increase and accounting for 18% of Baidu Core's online marketing revenue.

AI Applications Revenue

AI Applications generated revenue of RMB 2.6 billion, highlighting the growth of AI-powered product offerings.

ERNIE 5.0 Development

Unveiled ERNIE 5.0, a native omni-model foundation model demonstrating world-class capabilities in omni-model understanding, creative writing, and instruction following.

Baidu (BIDU) Earnings, Revenues Date & History

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BIDU Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 04, 2026	2025 (Q4)	1.35 / -	2.698	―	―	―
Nov 18, 2025	2025 (Q3)	1.08 / 1.56	2.335	-33.01% (-0.77)	―
Aug 20, 2025	2025 (Q2)	1.86 / 1.91	2.957	-35.39% (-1.05)	―
May 21, 2025	2025 (Q1)	2.02 / 2.61	2.801	-6.88% (-0.19)	―
Feb 18, 2025	2024 (Q4)	2.02 / 2.70	3.075	-12.26% (-0.38)	―
Nov 21, 2024	2024 (Q3)	2.46 / 2.34	2.87	-18.63% (-0.53)	―
Aug 22, 2024	2024 (Q2)	2.60 / 2.96	3.172	-6.78% (-0.22)	―
May 16, 2024	2024 (Q1)	2.25 / 2.80	2.265	23.66% (+0.54)	―
Feb 28, 2024	2023 (Q4)	2.49 / 3.08	2.145	43.34% (+0.93)	―
Nov 21, 2023	2023 (Q3)	2.42 / 2.87	2.373	20.92% (+0.50)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BIDU Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 18, 2025	$114.11	$117.14	+2.66%
Aug 20, 2025	$89.07	$86.76	-2.59%
May 21, 2025	$89.34	$85.48	-4.32%
Feb 18, 2025	$97.48	$90.16	-7.51%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.