Baidu Q2 Revenue Flat, Misses Analyst Expectations

Baidu reported mixed financial results for the second quarter of 2024, with total revenue flat at RMB 33.93 billion ($4.67 billion), slightly missing analyst expectations. The company's core online marketing revenue declined by 2% due to a slowing Chinese economy, while its non-online marketing revenue, driven by AI Cloud, grew 10%. Despite the economic headwinds, Baidu's net income rose 5% year-over-year to RMB 5.5 billion, beating analysts' estimates. Shares of Baidu saw modest movement amid these results, reflecting ongoing challenges in the advertising sector and competition from other tech giants. Baidu's autonomous vehicle segment, Apollo Go, also showed slower growth in robotaxi rides compared to the previous year.