On August 22nd, Baidu released its Q2 2024 financial report. According to disclosure, the group's total revenue for this quarter was 33.9 billion yuan, roughly unchanged from the same period last year. Baidu's core revenue was 26.7 billion yuan, an increase of 1% year-on-year. In the second quarter, Baidu's core operating profit was 5.6 billion yuan, a year-on-year increase of 23%, exceeding market expectations.
Baidu's Chief Financial Officer, Luo Rong, said, "In the second quarter, as the speed of AI native transformation of our products accelerated, we optimized operational efficiency and maintained a healthy profit margin. Especially in the intelligent cloud business, we expect to continue strong growth momentum
According to the financial report, Baidu released the Wenxin Big Model 4.0 Turbo in June to expand the richness of the Wenxin series models. In June, the monthly active users of Baidu App reached 703 million, a year-on-year increase of 4%; Quarterly online marketing revenue was 19.2 billion yuan, a year-on-year decrease of 2%, while non online marketing revenue was 7.5 billion yuan, a year-on-year increase of 10%. In terms of research and development expenses, the second quarter was 5.9 billion yuan, a year-on-year decrease of 8%. Baidu stated that this was mainly due to a reduction in personnel related expenses.
Intelligent cloud continues to accelerate its growth in the second quarter and will maintain a strong growth momentum; As of June, the number of PaddlePaddle Wenxin community developers has reached 14.65 million. Public data shows that the Baidu AI Cloud Qianfan big model platform has served 150000 customers and helped users fine tune 21000 big models.
In the field of autonomous driving, as of July 28th, autonomous driving travel services have provided over 7 million rides nationwide; About 899000 ride hailing services were provided in the second quarter, a year-on-year increase of 26%. In May this year, Baidu released an unmanned vehicle equipped with Apollo's sixth generation auto drive system solution, and launched the world's first large-scale model, Apollo ADFM (Autonomous Driving Foundation Model), which supports L4 level automatic driving. At present, the sixth generation car has started large-scale testing.
This quarter, iQiyi's revenue was 7.4 billion yuan, a decrease of 5% year-on-year.