BEIJING, Aug. 22,
2023 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and
HKEX: 9888 (HKD Counter) and 89888 (RMB Counter), "Baidu" or the
"Company"), a leading AI company with strong Internet foundation,
today announced its unaudited financial results for the second
quarter ended June 30, 2023.
"In the second quarter of 2023, Baidu Core accelerated revenue
and profit growth, driven by the solid performance of online
marketing business and operating leverage," said Robin Li, Co-founder and CEO of Baidu.
"Generative AI and large language models hold immense
transformative power in numerous industries, presenting a
significant market opportunity for us. To stay ahead of the game,
we keep upgrading our models to generate more creative responses,
while improving training throughput and lowering inference costs.
Our latest foundation model, ERNIE 3.5, has been well recognized by
our cloud customers, AI developers, and industry experts. By
adopting an AI-native mindset, we are reinventing our products and
offerings for innovative experiences, and to support various
enterprises to capture this opportunity. Overall, Baidu is
committed to building a new engine around generative AI and LLM to
drive sustainable long-term growth."
"Baidu Core non-GAAP operating profit grew by 27% from a year
ago, with non-GAAP operating margin expanding to 25% from 22% a
year ago and 23% a quarter ago. Baidu Core generated about
RMB9.7 billion net cash from
operating activities in the quarter. The improvement in profit and
margins as well as strong cash generation were primarily driven by
revenue acceleration and efficiency gain," said Rong Luo, CFO of
Baidu. "Baidu has invested in AI for over a decade and is
well-positioned to capitalize on the opportunities arising from
generative AI and LLM. As we look ahead, we remain steadfast in
investing in AI, in particular large language models and generative
AI in the upcoming quarters."
Second Quarter 2023
Financial Highlights[1]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
(In millions except per
ADS, unaudited)
|
|
June
30,
|
March
31,
|
June
30,
|
|
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
YOY
|
|
QOQ
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
29,647
|
|
31,144
|
|
34,056
|
4,697
|
|
15 %
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
3,400
|
|
4,980
|
|
5,210
|
718
|
|
53 %
|
|
5 %
|
Operating income
(non-GAAP) [2]
|
|
5,493
|
|
6,428
|
|
7,334
|
1,011
|
|
34 %
|
|
14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income to
Baidu
|
|
3,637
|
|
5,825
|
|
5,210
|
718
|
|
43 %
|
|
(11 %)
|
Net income to Baidu
(non-GAAP) [2]
|
|
5,541
|
|
5,727
|
|
7,998
|
1,103
|
|
44 %
|
|
40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS
|
|
9.97
|
|
15.92
|
|
14.17
|
1.95
|
|
42 %
|
|
(11 %)
|
Diluted earnings per
ADS (non-GAAP) [2]
|
|
15.79
|
|
16.10
|
|
22.55
|
3.11
|
|
43 %
|
|
40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
[2]
|
|
7,054
|
|
8,145
|
|
9,116
|
1,257
|
|
29 %
|
|
12 %
|
Adjusted EBITDA
margin
|
|
24 %
|
|
26 %
|
|
27 %
|
27 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu
Core
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
(In millions,
unaudited)
|
|
June
30,
|
March
31,
|
June
30,
|
|
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
YOY
|
|
QOQ
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
23,160
|
|
22,998
|
|
26,407
|
3,642
|
|
14 %
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
3,246
|
|
4,091
|
|
4,568
|
630
|
|
41 %
|
|
12 %
|
Operating income
(non-GAAP) [2]
|
|
5,121
|
|
5,363
|
|
6,516
|
899
|
|
27 %
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income to Baidu
Core
|
|
3,716
|
|
5,513
|
|
5,012
|
691
|
|
35 %
|
|
(9 %)
|
Net income to Baidu
Core (non-GAAP) [2]
|
|
5,449
|
|
5,268
|
|
7,694
|
1,061
|
|
41 %
|
|
46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
[2]
|
|
6,597
|
|
7,003
|
|
8,229
|
1,135
|
|
25 %
|
|
18 %
|
Adjusted EBITDA
margin
|
|
28 %
|
|
30 %
|
|
31 %
|
31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] Unless
otherwise noted, RMB to USD was converted at an exchange rate of
RMB 7.2513 as of June 30, 2023, as set forth in the H.10
statistical release
of the Board of Governors of the Federal Reserve System.
Translations are provided solely for the convenience of the
reader.
|
[2] Non-GAAP
measures are defined in the Non-GAAP Financial Measures section
(see also "Reconciliations of Non-GAAP Financial Measures to
the
Nearest Comparable GAAP Measures" for more details).
|
Operational Highlights
Corporate
- Baidu launched ERNIE 3.5 in May
2023, which is the latest foundation model powering ERNIE
Bot, Baidu's conversational AI bot. According to IDC's latest
report on the technological abilities of AI models, issued in
July 2023, ERNIE 3.5 excels in many
areas, such as algorithm, industry coverage, developer tools, and
ecosystem.
- Baidu earned a position in the China edition of the S&P Global
Sustainability Yearbook, in recognizing its exceptional ESG scores.
The selection stems from a comprehensive evaluation of 1,600
Chinese companies as part of the S&P Global 2022 Corporate
Sustainability Assessment, underscoring Baidu's sustainability
practices.
AI Cloud
- PaddlePaddle developer community grew to 8 million in
mid-August, 2023. PaddlePaddle is Baidu's self-developed
open-source deep learning framework.
- According to IDC's 2022 report on China's public cloud market, Baidu was once
again ranked the No.1 AI Cloud provider in China, maintaining this position for the
fourth consecutive year.
Intelligent Driving
- Apollo Go, Baidu's autonomous ride-hailing service, provided
around 714K rides in the second
quarter of 2023, up 149% year over year. As of June 30, 2023, the cumulative rides provided to
the public by Apollo Go reached 3.3 million.
- Apollo Go received permits to offer fully driverless
ride-hailing services to the public in Shenzhen Pingshan area in
June. Apollo Go has now been granted permission to provide fully
driverless ride-hailing services to the public in four cities,
including Beijing, Shenzhen, Wuhan and Chongqing.
- Apollo Go received permits to conduct fully driverless testing
on open roads in Shanghai Pudong area in July.
Other Growth Initiatives
- Xiaodu ranked No.1 in smart display shipments and smart speaker
shipments in China for the first
quarter of 2023, according to IDC and Canalys.
Mobile Ecosystem
- In June 2023, Baidu App's MAUs
reached 677 million, up 8% year over year.
- Managed Page accounted for 52% of Baidu Core's online marketing
revenue in the second quarter of 2023.
iQIYI
- iQIYI's average daily number of total subscribing members for
the quarter was 111.2 million, compared to 98.3 million for the
second quarter of 2022 and 128.9 million for the first quarter of
2023.
Second Quarter 2023 Financial Results
Total revenues were RMB 34.1
billion ($4.70 billion),
increasing 15% year over year.
Revenue from Baidu Core was RMB
26.4 billion ($3.64 billion),
increasing 14% year over year; online marketing revenue was
RMB 19.6 billion ($2.71 billion), up 15% year over year, and
non-online marketing revenue was RMB
6.8 billion ($937 million), up
12% year over year.
Revenue from iQIYI was RMB 7.8
billion ($1.08 billion),
increasing 17% year over year.
Cost of revenues was RMB 16.2
billion($2.23 billion),
increasing 7% year over year, primarily due to an increase in
content costs and traffic acquisition costs.
Selling, general and administrative expenses were
RMB 6.3 billion ($869 million), increasing 32% year over year,
primarily due to an increase in channel spending and promotional
marketing expenses.
Research and development expense was RMB 6.4 billion ($880
million), increasing 1% year over year, primarily due to an
increase in server depreciation expenses and cloud related expenses
which support ERNIE Bot research inputs, partially offset by the
decrease in personnel related expenses.
Operating income was RMB 5.2
billion ($718 million). Baidu
Core operating income was RMB 4.6
billion ($630 million), and
Baidu Core operating margin was 17%. Non-GAAP operating income was
RMB 7.3 billion ($1.01 billion). Non-GAAP Baidu Core operating
income was RMB 6.5 billion
($899 million), and non-GAAP Baidu
Core operating margin was 25%.
Total other income, net was RMB
1.4 billion ($189 million),
increasing 807% year over year, primarily due to the increase in
net foreign exchange gain and net interest income, partially offset
by the increase of fair value loss from long-term investments.
Income tax expense was RMB 1.3
billion($175 million),
compared to RMB 25 million in the
same period last year. The lower level of income tax expense in the
second quarter of 2022 is primarily due to the reversal of certain
tax expenses based on the 2021 tax return. Apart from the reversal,
the main reason for the increase of income tax expense is the
increase in profit before tax year over year.
Net income attributable to Baidu was RMB 5.2 billion ($718
million), and diluted earnings per ADS was RMB 14.17 ($1.95).
Net income attributable to Baidu Core was RMB 5.0 billion ($691
million), and net margin for Baidu Core was 19%. Non-GAAP
net income attributable to Baidu was RMB 8.0
billion ($1.10 billion).
Non-GAAP diluted earnings per ADS was RMB
22.55($3.11). Non-GAAP net
income attributable to Baidu Core was RMB
7.7 billion ($1.06 billion),
and non-GAAP net margin for Baidu Core was 29%.
Adjusted EBITDA was RMB 9.1
billion ($1.26 billion) and
adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was
RMB 8.2 billion ($1.14 billion) and adjusted EBITDA margin for
Baidu Core was 31%.
As of June 30, 2023, cash, cash
equivalents, restricted cash and short-term investments were
RMB 201.5 billion ($27.79 billion), and cash, cash equivalents,
restricted cash and short-term investments excluding iQIYI were
RMB 196.9 billion ($27.15billion). Free cash flow was
RMB 7.9 billion ($1.09 billion), and free cash flow excluding
iQIYI was RMB 7.1 billion
($973 million).
Conference Call Information
Baidu's management will hold an earnings conference call at
8 AM on August
22, 2023, U.S. Eastern Time (8
PM on August 22, 2023, Beijing
Time).
Please register in advance of the conference call using the link
provided below. It will automatically direct you to the
registration page of "Baidu Inc Q2 2023 Earnings Conference Call".
Please follow the steps to enter your registration details, then
click "Register". Upon registering, you will then be provided with
the dial-in number, the passcode, and your unique access PIN. This
information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10032710-f851qv.html
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s), the
passcode and unique access PIN) provided in the calendar invite
that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference
call will be available at https://ir.baidu.com .
About Baidu
Founded in 2000, Baidu's mission is to make the complicated
world simpler through technology. Baidu is a leading AI company
with strong Internet foundation, trading on NASDAQ under "BIDU" and
HKEX under "9888". One Baidu ADS represents eight Class A ordinary
shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, Baidu's and other parties' strategic and operational
plans, contain forward-looking statements. Baidu may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in announcements
made on the website of The Stock Exchange of Hong Kong Limited (the
"Hong Kong Stock Exchange"), in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including but
not limited to statements about Baidu's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Baidu's growth strategies; its future business
development, including development of new products and services;
its ability to attract and retain users and customers; competition
in the Chinese Internet search and newsfeed market; competition for
online marketing customers; changes in the Company's revenues and
certain cost or expense items as a percentage of its revenues; the
outcome of ongoing, or any future, litigation or arbitration,
including those relating to intellectual property rights; the
expected growth of the Chinese-language Internet search and
newsfeed market and the number of Internet and broadband users in
China; Chinese governmental
policies relating to the Internet and Internet search providers,
and general economic conditions in China and elsewhere. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and other documents filed with the Securities
and Exchange Commission, and announcements on the website of the
Hong Kong Stock Exchange. Baidu does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of the press release, and
Baidu undertakes no duty to update such information, except as
required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented
in accordance with GAAP, Baidu uses the following non-GAAP
financial measures: non-GAAP operating income (loss), non-GAAP
operating margin, non-GAAP net income (loss) attributable to Baidu,
non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted
EBITDA, adjusted EBITDA margin and free cash flow. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding certain items that may not be indicative of
its recurring core business operating results, such as operating
performance excluding non-cash charges or non-operating in nature.
The Company believes that both management and investors benefit
from referring to these non-GAAP financial measures in assessing
its performance and when planning and forecasting future periods.
These non-GAAP financial measures also facilitate management's
internal comparisons to Baidu's historical performance and
liquidity. The Company believes these non-GAAP financial measures
are useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of using
these non-GAAP financial measures is that these non-GAAP measures
exclude certain items that have been and will continue to be for
the foreseeable future a significant component in the Company's
results of operations. These non-GAAP financial measures presented
here may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate similarly titled
measures differently, limiting their usefulness as comparative
measures to the Company's data.
Non-GAAP operating income represents operating income excluding
share-based compensation expenses, amortization and impairment of
intangible assets resulting from business combinations.
Non-GAAP net income attributable to Baidu represents net income
attributable to Baidu excluding share-based compensation expenses,
amortization and impairment of intangible assets resulting from
business combinations, disposal gain or loss, impairment of
long-term investments, fair value change of long-term investments,
adjusted for related income tax effects. Baidu's share of equity
method investments for these non-GAAP reconciling items,
amortization and impairment of intangible assets not on the
investees' books, accretion of their redeemable non-controlling
interests, and the gain or loss associated with the issuance of
shares by the investees at a price higher or lower than the
carrying value per share, adjusted
for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings
per ADS calculated by dividing non-GAAP net income attributable to
Baidu, by the weighted average number of ordinary shares expressed
in ADS. Adjusted EBITDA represents operating income excluding
depreciation, amortization and impairment of intangible assets
resulting from business combinations, and share-based compensation
expenses.
For more information on non-GAAP financial measures, please see
the tables captioned "Reconciliations of non-GAAP financial
measures to the nearest comparable GAAP measure.
Baidu, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions except for
per share (or ADS) information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online marketing
services
|
|
18,268
|
|
17,972
|
|
21,081
|
|
2,907
|
|
35,197
|
|
39,053
|
|
5,386
|
|
Others
|
|
11,379
|
|
13,172
|
|
12,975
|
|
1,790
|
|
22,861
|
|
26,147
|
|
3,606
|
|
Total
revenues
|
|
29,647
|
|
31,144
|
|
34,056
|
|
4,697
|
|
58,058
|
|
65,200
|
|
8,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
15,171
|
|
15,152
|
|
16,167
|
|
2,230
|
|
30,717
|
|
31,319
|
|
4,319
|
|
Selling, general and
administrative(1)
|
|
4,784
|
|
5,589
|
|
6,298
|
|
869
|
|
9,440
|
|
11,887
|
|
1,639
|
|
Research and
development(1)
|
|
6,292
|
|
5,423
|
|
6,381
|
|
880
|
|
11,900
|
|
11,804
|
|
1,628
|
|
Total costs and
expenses
|
|
26,247
|
|
26,164
|
|
28,846
|
|
3,979
|
|
52,057
|
|
55,010
|
|
7,586
|
|
Operating income
|
|
3,400
|
|
4,980
|
|
5,210
|
|
718
|
|
6,001
|
|
10,190
|
|
1,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
1,525
|
|
1,915
|
|
1,948
|
|
269
|
|
2,979
|
|
3,863
|
|
533
|
|
Interest
expense
|
|
(741)
|
|
(804)
|
|
(817)
|
|
(113)
|
|
(1,451)
|
|
(1,621)
|
|
(224)
|
|
Foreign exchange
(loss) gain, net
|
|
(329)
|
|
(106)
|
|
1,176
|
|
162
|
|
(340)
|
|
1,070
|
|
148
|
|
Share of losses
from equity method investments
|
|
(603)
|
|
(48)
|
|
(383)
|
|
(53)
|
|
(1,011)
|
|
(431)
|
|
(59)
|
|
Others,
net
|
|
299
|
|
1,638
|
|
(555)
|
|
(76)
|
|
(2,987)
|
|
1,083
|
|
149
|
|
Total other income (loss),
net
|
|
151
|
|
2,595
|
|
1,369
|
|
189
|
|
(2,810)
|
|
3,964
|
|
547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
3,551
|
|
7,575
|
|
6,579
|
|
907
|
|
3,191
|
|
14,154
|
|
1,953
|
|
Income tax
expense
|
|
25
|
|
1,193
|
|
1,270
|
|
175
|
|
416
|
|
2,463
|
|
340
|
|
Net income
|
|
3,526
|
|
6,382
|
|
5,309
|
|
732
|
|
2,775
|
|
11,691
|
|
1,613
|
|
Net (loss) income
attributable to noncontrolling interests
|
|
(111)
|
|
557
|
|
99
|
|
14
|
|
23
|
|
656
|
|
90
|
|
Net income attributable to
Baidu
|
|
3,637
|
|
5,825
|
|
5,210
|
|
718
|
|
2,752
|
|
11,035
|
|
1,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (1 ADS
representing 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
10.06
|
|
16.17
|
|
14.34
|
|
1.98
|
|
7.23
|
|
30.55
|
|
4.21
|
|
-Diluted
|
|
9.97
|
|
15.92
|
|
14.17
|
|
1.95
|
|
7.15
|
|
30.05
|
|
4.14
|
|
Earnings per share for
Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
1.26
|
|
2.02
|
|
1.79
|
|
0.25
|
|
0.91
|
|
3.82
|
|
0.53
|
|
-Diluted
|
|
1.25
|
|
1.99
|
|
1.77
|
|
0.24
|
|
0.89
|
|
3.76
|
|
0.52
|
|
Weighted average number
of Class A and Class B ordinary shares outstanding (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
2,780
|
|
2,798
|
|
2,804
|
|
2,804
|
|
2,773
|
|
2,801
|
|
2,801
|
|
-Diluted
|
|
2,811
|
|
2,837
|
|
2,834
|
|
2,834
|
|
2,806
|
|
2,836
|
|
2,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
85
|
|
98
|
|
194
|
|
27
|
|
167
|
|
292
|
|
40
|
|
Selling, general
and administrative
|
|
443
|
|
463
|
|
446
|
|
62
|
|
820
|
|
909
|
|
124
|
|
Research and
development
|
|
1,493
|
|
828
|
|
1,403
|
|
193
|
|
2,357
|
|
2,231
|
|
309
|
|
Total share-based
compensation expenses
|
|
2,021
|
|
1,389
|
|
2,043
|
|
282
|
|
3,344
|
|
3,432
|
|
473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of RMB
7.2513 to US$1.00, the exchange rate in effect as of June 30, 2023
as set forth in the H.10 statistical release of The Board of
Governors of the
Federal Reserve System.
|
Baidu, Inc.
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets
|
|
|
|
|
|
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
53,156
|
|
42,060
|
|
5,800
|
Restricted
cash
|
|
11,330
|
|
11,325
|
|
1,562
|
Short-term
investments, net
|
|
120,839
|
|
148,095
|
|
20,423
|
Accounts
receivable, net
|
|
11,733
|
|
11,624
|
|
1,603
|
Amounts due from
related parties
|
|
5,432
|
|
4,806
|
|
663
|
Other current
assets, net
|
|
10,360
|
|
10,864
|
|
1,498
|
Total current
assets
|
|
212,850
|
|
228,774
|
|
31,549
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Fixed assets,
net
|
|
23,973
|
|
24,312
|
|
3,353
|
Licensed
copyrights, net
|
|
6,841
|
|
6,463
|
|
891
|
Produced content,
net
|
|
13,002
|
|
12,722
|
|
1,754
|
Intangible
assets, net
|
|
1,254
|
|
1,064
|
|
147
|
Goodwill
|
|
22,477
|
|
22,586
|
|
3,115
|
Long-term
investments, net
|
|
55,297
|
|
53,153
|
|
7,330
|
Long-term time
deposits and held-to-maturity investments
|
|
23,629
|
|
24,147
|
|
3,330
|
Amounts due from
related parties
|
|
60
|
|
176
|
|
24
|
Deferred tax
assets, net
|
|
2,129
|
|
1,906
|
|
263
|
Operating lease
right-of-use assets
|
|
10,365
|
|
10,446
|
|
1,441
|
Other non-current
assets
|
|
19,096
|
|
20,573
|
|
2,837
|
Total non-current
assets
|
|
178,123
|
|
177,548
|
|
24,485
|
|
|
|
|
|
|
|
Total assets
|
|
390,973
|
|
406,322
|
|
56,034
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
loans
|
|
5,343
|
|
8,479
|
|
1,169
|
Accounts payable and
accrued liabilities
|
|
38,014
|
|
36,046
|
|
4,971
|
Customer deposits and
deferred revenue
|
|
13,116
|
|
14,588
|
|
2,012
|
Deferred
income
|
|
72
|
|
138
|
|
19
|
Long-term loans,
current portion
|
|
-
|
|
31
|
|
4
|
Convertible senior
notes, current portion
|
|
8,305
|
|
23
|
|
3
|
Notes payable, current
portion
|
|
6,904
|
|
13,410
|
|
1,849
|
Amounts due to related
parties
|
|
5,067
|
|
5,067
|
|
699
|
Operating lease
liabilities
|
|
2,809
|
|
2,916
|
|
402
|
Total current
liabilities
|
|
79,630
|
|
80,698
|
|
11,128
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred
income
|
|
159
|
|
106
|
|
15
|
Deferred
revenue
|
|
331
|
|
423
|
|
58
|
Amounts due to related
parties
|
|
99
|
|
88
|
|
12
|
Long-term
loans
|
|
13,722
|
|
14,421
|
|
1,989
|
Notes
payable
|
|
39,893
|
|
35,745
|
|
4,929
|
Convertible senior
notes
|
|
9,568
|
|
11,447
|
|
1,579
|
Deferred tax
liabilities
|
|
2,898
|
|
2,992
|
|
413
|
Operating lease
liabilities
|
|
4,810
|
|
4,794
|
|
661
|
Other non-current
liabilities
|
|
2,058
|
|
2,154
|
|
297
|
Total non-current
liabilities
|
|
73,538
|
|
72,170
|
|
9,953
|
|
|
|
|
|
|
|
Total liabilities
|
|
153,168
|
|
152,868
|
|
21,081
|
|
|
|
|
|
|
|
Redeemable noncontrolling
interests
|
|
8,393
|
|
9,088
|
|
1,253
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Baidu shareholders' equity
|
|
223,478
|
|
235,643
|
|
32,497
|
Noncontrolling interests
|
|
5,934
|
|
8,723
|
|
1,203
|
Total equity
|
|
229,412
|
|
244,366
|
|
33,700
|
|
|
|
|
|
|
|
Total liabilities, redeemable noncontrolling
interests, and
equity
|
|
390,973
|
|
406,322
|
|
56,034
|
Baidu, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2022 (RMB)
|
|
Three months ended
March 31, 2023 (RMB)
|
|
Three months ended
June 30, 2023 (RMB)
|
|
Three months ended
June 30, 2023 (US$)
|
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
Total revenues
|
|
23,160
|
6,657
|
(170)
|
|
29,647
|
|
22,998
|
8,349
|
(203)
|
|
31,144
|
|
26,407
|
7,802
|
(153)
|
|
34,056
|
|
3,642
|
1,076
|
(21)
|
|
4,697
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 %
|
17 %
|
|
|
15 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 %
|
(7 %)
|
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (1)
|
|
10,114
|
5,248
|
(191)
|
|
15,171
|
|
9,379
|
5,956
|
(183)
|
|
15,152
|
|
10,553
|
5,774
|
(160)
|
|
16,167
|
|
1,456
|
796
|
(22)
|
|
2,230
|
Selling, general
and administrative (1)
|
|
3,990
|
801
|
(7)
|
|
4,784
|
|
4,533
|
1,106
|
(50)
|
|
5,589
|
|
5,344
|
979
|
(25)
|
|
6,298
|
|
737
|
135
|
(3)
|
|
869
|
Research and
development (1)
|
|
5,810
|
482
|
-
|
|
6,292
|
|
4,995
|
428
|
-
|
|
5,423
|
|
5,942
|
439
|
-
|
|
6,381
|
|
819
|
61
|
-
|
|
880
|
Total costs and expenses
|
|
19,914
|
6,531
|
(198)
|
|
26,247
|
|
18,907
|
7,490
|
(233)
|
|
26,164
|
|
21,839
|
7,192
|
(185)
|
|
28,846
|
|
3,012
|
992
|
(25)
|
|
3,979
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 %
|
10 %
|
|
|
7 %
|
|
|
|
|
|
|
Selling, general
and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 %
|
22 %
|
|
|
32 %
|
|
|
|
|
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 %
|
(9 %)
|
|
|
1 %
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 %
|
10 %
|
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
3,246
|
126
|
28
|
|
3,400
|
|
4,091
|
859
|
30
|
|
4,980
|
|
4,568
|
610
|
32
|
|
5,210
|
|
630
|
84
|
4
|
|
718
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 %
|
384 %
|
|
|
53 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 %
|
(29 %)
|
|
|
5 %
|
|
|
|
|
|
|
Operating
margin
|
|
14 %
|
2 %
|
|
|
11 %
|
|
18 %
|
10 %
|
|
|
16 %
|
|
17 %
|
8 %
|
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total other
income (loss), net
|
|
442
|
(291)
|
-
|
|
151
|
|
2,803
|
(208)
|
-
|
|
2,595
|
|
1,603
|
(234)
|
-
|
|
1,369
|
|
221
|
(32)
|
-
|
|
189
|
Less: income tax
(benefit) expense
|
|
(11)
|
36
|
-
|
|
25
|
|
1,168
|
25
|
-
|
|
1,193
|
|
1,262
|
8
|
-
|
|
1,270
|
|
174
|
1
|
-
|
|
175
|
Less: net (loss)
income attributable to NCI
|
|
(17)
|
13
|
(107)
|
(3)
|
(111)
|
|
213
|
8
|
336
|
(3)
|
557
|
|
(103)
|
3
|
199
|
(3)
|
99
|
|
(14)
|
-
|
28
|
(3)
|
14
|
Net income (loss) attributable to
Baidu
|
|
3,716
|
(214)
|
135
|
|
3,637
|
|
5,513
|
618
|
(306)
|
|
5,825
|
|
5,012
|
365
|
(167)
|
|
5,210
|
|
691
|
51
|
(24)
|
|
718
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 %
|
-
|
|
|
43 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9 %)
|
(41 %)
|
|
|
(11 %)
|
|
|
|
|
|
|
Net
margin
|
|
16 %
|
(3 %)
|
|
|
12 %
|
|
24 %
|
7 %
|
|
|
19 %
|
|
19 %
|
5 %
|
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (non-GAAP)
|
|
5,121
|
344
|
|
|
5,493
|
|
5,363
|
1,035
|
|
|
6,428
|
|
6,516
|
786
|
|
|
7,334
|
|
899
|
108
|
|
|
1,011
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 %
|
128 %
|
|
|
34 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 %
|
(24 %)
|
|
|
14 %
|
|
|
|
|
|
|
Operating margin
(non-GAAP)
|
|
22 %
|
5 %
|
|
|
19 %
|
|
23 %
|
12 %
|
|
|
21 %
|
|
25 %
|
10 %
|
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Baidu
(non-GAAP)
|
|
5,449
|
79
|
|
|
5,541
|
|
5,268
|
940
|
|
|
5,727
|
|
7,694
|
595
|
|
|
7,998
|
|
1,061
|
82
|
|
|
1,103
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 %
|
653 %
|
|
|
44 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 %
|
(37 %)
|
|
|
40 %
|
|
|
|
|
|
|
Net margin
(non-GAAP)
|
|
24 %
|
1 %
|
|
|
19 %
|
|
23 %
|
11 %
|
|
|
18 %
|
|
29 %
|
8 %
|
|
|
23 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
6,597
|
429
|
|
|
7,054
|
|
7,003
|
1,112
|
|
|
8,145
|
|
8,229
|
855
|
|
|
9,116
|
|
1,135
|
118
|
|
|
1,257
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 %
|
99 %
|
|
|
29 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 %
|
(23 %)
|
|
|
12 %
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
28 %
|
6 %
|
|
|
24 %
|
|
30 %
|
13 %
|
|
|
26 %
|
|
31 %
|
11 %
|
|
|
27 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
49
|
36
|
|
|
85
|
|
65
|
33
|
|
|
98
|
|
160
|
34
|
|
|
194
|
|
22
|
5
|
|
|
27
|
Selling, general
and administrative
|
|
339
|
104
|
|
|
443
|
|
377
|
86
|
|
|
463
|
|
356
|
90
|
|
|
446
|
|
50
|
12
|
|
|
62
|
Research and
development
|
|
1,431
|
62
|
|
|
1,493
|
|
778
|
50
|
|
|
828
|
|
1,358
|
45
|
|
|
1,403
|
|
187
|
6
|
|
|
193
|
Total share-based
compensation
|
|
1,819
|
202
|
|
|
2,021
|
|
1,220
|
169
|
|
|
1,389
|
|
1,874
|
169
|
|
|
2,043
|
|
259
|
23
|
|
|
282
|
(2) Relates to
intersegment eliminations and adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Relates to
the net income/(loss) attributable to iQIYI noncontrolling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions,unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
|
June 30, 2022 (RMB)
|
|
March 31, 2023 (RMB)
|
|
June 30, 2023 (RMB)
|
|
June 30, 2023 (US$)
|
|
|
Baidu
excl. iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl. iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl. iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl. iQIYI
|
iQIYI
|
Baidu,
Inc.
|
Net cash provided by operating
activities
|
|
7,658
|
48
|
7,706
|
|
4,838
|
1,002
|
5,840
|
|
9,746
|
886
|
10,632
|
|
1,344
|
122
|
1,466
|
Net cash (used in)
provided by investing activities
|
|
(3,027)
|
(653)
|
(3,680)
|
|
(32,816)
|
167
|
(32,649)
|
|
7,309
|
(421)
|
6,888
|
|
1,008
|
(58)
|
950
|
Net cash provided by
(used in) financing activities
|
|
877
|
(334)
|
543
|
|
1,055
|
(3,357)
|
(2,302)
|
|
1,908
|
(1,176)
|
732
|
|
263
|
(162)
|
101
|
Effect of exchange rate
changes on cash, cash equivalents and
restricted cash
|
|
1,230
|
75
|
1,305
|
|
(96)
|
(9)
|
(105)
|
|
496
|
128
|
624
|
|
68
|
18
|
86
|
Net increase (decrease) in cash, cash equivalents
and
restricted cash
|
|
6,738
|
(864)
|
5,874
|
|
(27,019)
|
(2,197)
|
(29,216)
|
|
19,459
|
(583)
|
18,876
|
|
2,683
|
(80)
|
2,603
|
Cash, cash equivalents
and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning of
period
|
|
43,924
|
3,883
|
47,807
|
|
57,374
|
7,862
|
65,236
|
|
30,355
|
5,665
|
36,020
|
|
4,186
|
781
|
4,967
|
At end of
period
|
|
50,662
|
3,019
|
53,681
|
|
30,355
|
5,665
|
36,020
|
|
49,814
|
5,082
|
54,896
|
|
6,869
|
701
|
7,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
|
7,658
|
48
|
7,706
|
|
4,838
|
1,002
|
5,840
|
|
9,746
|
886
|
10,632
|
|
1,344
|
122
|
1,466
|
Less: Capital
expenditures
|
|
(2,124)
|
(66)
|
(2,190)
|
|
(1,295)
|
-
|
(1,295)
|
|
(2,693)
|
(13)
|
(2,706)
|
|
(371)
|
(2)
|
(373)
|
Free cash flow
|
|
5,534
|
(18)
|
5,516
|
|
3,543
|
1,002
|
4,545
|
|
7,053
|
873
|
7,926
|
|
973
|
120
|
1,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Baidu excl. iQIYI
represents Baidu, Inc. minus iQIYI's consolidated cash
flows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Financial Measures to the
Nearest Comparable GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
(In millions except for
per ADS information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
|
June 30, 2022 (RMB)
|
|
March 31, 2023 (RMB)
|
|
June 30, 2023 (RMB)
|
|
June 30, 2023 (US$)
|
|
|
Baidu
Core
|
iQIYI
|
Baidu, Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu, Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu, Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu, Inc.
|
Operating income
|
|
3,246
|
126
|
3,400
|
|
4,091
|
859
|
4,980
|
|
4,568
|
610
|
5,210
|
|
630
|
84
|
718
|
Add: Share-based
compensation expenses
|
|
1,819
|
202
|
2,021
|
|
1,220
|
169
|
1,389
|
|
1,874
|
169
|
2,043
|
|
259
|
23
|
282
|
Add: Amortization and
impairment of intangible assets(1)
|
|
56
|
16
|
72
|
|
52
|
7
|
59
|
|
74
|
7
|
81
|
|
10
|
1
|
11
|
Operating income (non-GAAP)
|
|
5,121
|
344
|
5,493
|
|
5,363
|
1,035
|
6,428
|
|
6,516
|
786
|
7,334
|
|
899
|
108
|
1,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation
of fixed assets
|
|
1,476
|
85
|
1,561
|
|
1,640
|
77
|
1,717
|
|
1,713
|
69
|
1,782
|
|
236
|
10
|
246
|
Adjusted EBITDA
|
|
6,597
|
429
|
7,054
|
|
7,003
|
1,112
|
8,145
|
|
8,229
|
855
|
9,116
|
|
1,135
|
118
|
1,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to
Baidu
|
|
3,716
|
(214)
|
3,637
|
|
5,513
|
618
|
5,825
|
|
5,012
|
365
|
5,210
|
|
691
|
51
|
718
|
Add: Share-based
compensation expenses
|
|
1,815
|
202
|
1,916
|
|
1,220
|
169
|
1,297
|
|
1,872
|
169
|
1,949
|
|
258
|
23
|
269
|
Add: Amortization and
impairment of intangible assets(1)
|
|
50
|
16
|
59
|
|
49
|
7
|
53
|
|
61
|
7
|
65
|
|
8
|
1
|
9
|
Add: Disposal
(gain)
|
|
(25)
|
-
|
(25)
|
|
(217)
|
-
|
(217)
|
|
(919)
|
(89)
|
(959)
|
|
(127)
|
(12)
|
(132)
|
Add: Impairment of
long-term investments
|
|
222
|
11
|
228
|
|
31
|
119
|
85
|
|
270
|
155
|
340
|
|
38
|
21
|
47
|
Add: Fair value (gain)
loss of long-term investments
|
|
(547)
|
2
|
(546)
|
|
(1,312)
|
10
|
(1,307)
|
|
1,239
|
(4)
|
1,237
|
|
171
|
(1)
|
171
|
Add: Reconciling items
on equity method investments(2)
|
|
403
|
60
|
455
|
|
(122)
|
18
|
(114)
|
|
296
|
(9)
|
292
|
|
41
|
(1)
|
40
|
Add: Charitable
donation from Baidu(4)
|
|
136
|
-
|
136
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: Tax effects on
non-GAAP adjustments(3)
|
|
(321)
|
2
|
(319)
|
|
106
|
(1)
|
105
|
|
(137)
|
1
|
(136)
|
|
(19)
|
-
|
(19)
|
Net income attributable to Baidu
(non-GAAP)
|
|
5,449
|
79
|
5,541
|
|
5,268
|
940
|
5,727
|
|
7,694
|
595
|
7,998
|
|
1,061
|
82
|
1,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
|
|
|
|
9.97
|
|
|
|
15.92
|
|
|
|
14.17
|
|
|
|
1.95
|
Add: Accretion of
the redeemable noncontrolling interests
|
|
|
|
0.39
|
|
|
|
0.46
|
|
|
|
0.50
|
|
|
|
0.07
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
|
5.43
|
|
|
|
(0.28)
|
|
|
|
7.88
|
|
|
|
1.09
|
Diluted earnings per ADS
(non-GAAP)
|
|
|
|
15.79
|
|
|
|
16.10
|
|
|
|
22.55
|
|
|
|
3.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This represents
amortization and impairment of intangible assets resulting from
business combinations.
|
(2) This represents
Baidu's share of equity method investments for other non-GAAP
reconciling items, amortization and impairment of intangible assets
not on the investee's books, accretion of their redeemable
noncontrolling
interests, and the gain or loss associated with the issuance of
shares by the investees at a price higher or lower than the
carrying value per share.
|
(3) This represents tax
impact of all non-GAAP adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) This represents
non-recurring charitable donation to discrete events.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/baidu-announces-second-quarter-2023-results-301906547.html
SOURCE Baidu, Inc.