Baidu's revenue in the first quarter was 31.1 billion yuan, a year-on-year increase of 10%, and its net profit was 5.7 billion yuan

On May 16th, Baidu (NASDAQ: BIDU, HKEX: 9888) released its unaudited financial report for the first quarter ended March 31, 2023. In the first quarter, Baidu achieved a revenue of 31

On May 16th, Baidu (NASDAQ: BIDU, HKEX: 9888) released its unaudited financial report for the first quarter ended March 31, 2023. In the first quarter, Baidu achieved a revenue of 31.1 billion yuan, a year-on-year increase of 10%; The net profit attributable to Baidu (non GAAP) reached 5.7 billion yuan, a year-on-year increase of 48%.

In the first quarter, Baidu's core operating profit (non GAAP) increased significantly by 45% year-on-year to 5.36 billion yuan. Baidu AI Cloud made a profit in this quarter (non GAAP). Baidu's core online marketing revenue was 16.6 billion yuan, a year-on-year increase of 6%. In addition, in the first quarter, Baidu repurchased $195 million in shares.

In the first quarter of 2023, Baidu Core delivered a stable performance response, with faster revenue growth compared to the previous quarter, improved operating profit margin, and achieved operational leverage effect Robin Lee, Chairman and CEO, said: "We believe that generative AI and big language models have brought revolutionary potential to all walks of life, helped users and customers achieve their goals and had a positive impact on society. Based on this trend, ERNIE Bot launched an internal test. We plan to gradually integrate ERNIE Bot into all our businesses, empower our products and services, and attract a wider range of users and customers. Around ERNIE Bot, we will establish a new ecology in the new era This will also help us achieve long-term and sustainable growth

Baidu Chief Financial Officer Luo Rong said, "This quarter, we effectively leveraged our operations, and Baidu's Non GAAP increased to 23% from 17% in the same period last year and 21% in the previous quarter. Generative AI has brought about a change in the new model of artificial intelligence, and Baidu is poised to seize this huge market opportunity. In the future, Baidu will continue to steadfastly invest in this field

It is worth noting that Baidu AI Cloud achieved a non GAAP profit in this quarter, with a year-on-year growth of 8% to 4.2 billion yuan. From the second quarter of 2022, Baidu AI Cloud focuses on sustainable growth and improving business health. At the same time, Baidu AI Cloud continues to build standardized and large-scale AI solutions for key customers, which has promoted the growth of intelligent cloud profits.

On May 9, Baidu AI Cloud showed hundreds of enterprise partners the world's first one-stop enterprise model production platform "Wenxin Qianfan Large Model Platform" under internal testing.

So far, more than 300 ecological partners have participated in the ERNIE Bot internal test, and achieved test results in more than 400 enterprise internal scenarios.

Baidu's mobile ecosystem also maintained growth in the first quarter, with Baidu's core online marketing revenue reaching 16.6 billion yuan, a year-on-year increase of 6%. The reason for the growth is partly due to the rapid recovery of the Chinese economy, which has led to a significant increase in marketing budgets in industries such as tourism, commercial services, and local services; On the other hand, Baidu's comprehensive cost reduction and efficiency enhancement measures over the past year have also played a crucial role.

In March, Baidu App monthly active users reached 657 million, up 4% year on year. Baidu mobile search queries and information flow distribution grew steadily. E-commerce revenue has become a new highlight of the mobile ecosystem, with Baidu search driving a 55% year-on-year increase in quarterly GMV in the first quarter.

In terms of intelligent driving, in the first quarter of 2023, the order volume of Baidu's autonomous driving service Radish Run was approximately 660000, a year-on-year increase of 236%.

In terms of other businesses, according to data from IDC and Canalys, Xiaodu ranked first in the shipment volume of smart speakers and screens in China in 2022.