Baidu has released its second quarter financial results for 2024, with total revenue of 33,931 million yuan, closely matching the same period in the previous year. The net profit according to GAAP accounting stands at 5,488 million yuan.
In a statement, Baidu’s CEO Robin Li highlighted that despite significant economic challenges, the core business of Baidu, known as Baidu Core, continues to grow. This growth is driven by the increasing demand for AI Cloud services, including the driverless car project Apollo Go which is currently testing the latest RT6 model extensively. Additionally, the chatbot ERNIE is being implemented across various products of the company.
The breakdown of revenue for each business segment is as follows: Baidu Core saw an increase to 26,687 million yuan, iQIYI generated revenue of 7,439 million yuan, and the community of developers using PaddlePaddle and ERNIE collectively amounts to over 14.7 million individuals.
Source: Baidu
TLDR: Baidu reports strong financial performance in Q2 2024, driven by growth in Baidu Core and increased demand for AI Cloud services like Apollo Go and ERNIE.
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