Baidu, a prominent internet company in China, reported its Q4 2023 financial performance with a total revenue of 34,951 million yuan, marking a 6% increase from the same quarter the previous year. However, net profit under GAAP decreased by 48% to 2,599 million yuan, primarily due to increased investment in AI research, particularly the chatbot Ernie.
The revenue from Baidu’s core business saw a 7% increase to 27,488 million yuan, driven by growth in both online and offline advertising revenue, while revenue from iQIYI increased by 2% to 7,707 million yuan.
Baidu highlighted the performance of its various business segments as follows: the developer community on the Baidu PaddlePaddle platform grew to 10.7 million people, supporting over 235,000 businesses with a total of 860,000 models created. The driverless car service, Apollo Go, provided over 839 billion rides within the quarter, totaling more than 5 million rides to date. iQIYI reported 100.3 million registered accounts.
Source: Baidu
TLDR: Baidu reported a 6% increase in total revenue for Q4 2023, with net profit declining by 48% due to increased AI research investment. Core business revenue rose by 7%, while iQIYI revenue grew by 2%. Highlighted achievements include the growth of the developer community and successful driverless car service.
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