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Baidu, Inc. (NASDAQ: BIDU, HKEX: 9888), founded in 2000 by Robin Li, is China's largest internet search engine, holding an 84% market share as of September 2021 according to Statcounter. The company's core business revolves around providing intelligent and relevant search results tailored specifically to Chinese language and culture. Baidu's search engine facilitates tens of billions of queries daily, offering users various ways to find and share information.
Baidu's business extends beyond search engine services into several technology-driven sectors. The company is a frontrunner in artificial intelligence (AI), with significant growth initiatives in AI Cloud, video streaming services, voice recognition technology, and autonomous driving. Baidu's AI products, like the ERNIE Bot, are widely used and recognized for their advanced capabilities in language processing and generative AI.
Financially, Baidu demonstrated robust performance. In Q4 2023, the company reported total revenues of RMB35.0 billion ($4.92 billion), a 6% year-over-year increase. The AI Cloud business, in particular, has been a major revenue driver. Baidu's operational efficiency continues to improve, with a non-GAAP operating income of RMB7.1 billion ($996 million) and a non-GAAP net income of RMB7.8 billion ($1.09 billion) for Q4 2023.
Baidu's autonomous driving platform, Apollo Go, achieved a milestone by launching 24/7 services in Wuhan, making it China's first provider to offer round-the-clock autonomous rides. Additionally, Baidu released new AI advancements at its annual Baidu Create conference, showcasing models like ERNIE and opening up new opportunities for developers.
Partnerships and community contributions remain a cornerstone of Baidu's strategy. The company is committed to fostering a thriving AI ecosystem through competitions like the ERNIE Cup Innovation Challenge, which supports entrepreneurial teams in developing AI-native applications with substantial funds and resources.
Overall, Baidu stands out as a leading AI company with a strong internet foundation, continuously innovating and expanding its services to meet the evolving needs of users and developers alike.
Baidu unveiled its latest AI-driven innovations at the Wanxiang Conference 2024. Key updates include the integration of ERNIE agents into Baidu's mobile products, such as Baidu Search, Baidu Wenku, and the Baidu App. Baidu Wenku now provides over 100 multimodal AI features, used by 140 million users, and has a collection of 1.2 billion documents. The AgentBuilder platform has been adopted by over 160,000 developers, covering more than 100 application scenarios. Furthermore, Baidu Select reported a 227% GMV increase from January to May year-on-year, with user transactions and active merchants rising by 283% and 242%, respectively. Baidu's advancements aim to lower AI entry barriers and enhance productivity for individuals and enterprises.
Baidu announced its unaudited financial results for Q1 2024, with total revenues reaching RMB31.5 billion, up 1% year-over-year (YoY). Baidu Core's revenue was RMB23.8 billion, a 4% YoY increase. The company's non-GAAP operating margin expanded to 23.5%, and net income to Baidu rose 110% quarter-over-quarter (QoQ) to RMB5.4 billion. Diluted earnings per ADS were RMB14.91, a 120% QoQ increase. Baidu Core's online marketing revenue remained stable while AI Cloud revenue grew. The company returned $229 million to shareholders and expanded its ERNIE AI model family. Apollo Go, its autonomous ride-hailing service, saw a 25% YoY increase in rides provided. The Baidu App's MAUs increased 3% YoY to 676 million.
Baidu, a leading AI company, will hold its annual general meeting on June 26, 2024, in Beijing, China. No proposals will be submitted for shareholder approval. The record date for shareholders is May 24, 2024. The company has filed its annual report and financial statements with the SEC and HKEx.
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