Baidu’s financial report for the third quarter shows a 19% year-on-year decrease in adjusted net profit to 5.886 billion yuan.
Adjusted net profit refers to the net profit after adjustments made to exclude exceptional factors that do not reflect the company’s true operating situation, allowing investors and the public to accurately assess the company’s operational status.
On the evening of November 21, Baidu Group (09888) announced its performance for the third quarter of 2024. For the quarter ending on September 30, adjusted attributable net profit attributable to Baidu decreased by 19% year-on-year to 5.886 billion yuan, adjusted operating profit decreased by 8% year-on-year to 7.014 billion yuan. Adjusted EBITDA decreased by 8% year-on-year to 8.733 billion yuan, with an adjusted EBITDA profit margin of 26%.
EBITDA is a financial indicator used to measure a company’s profitability without considering interest, taxes, depreciation, and amortization.
Total revenue decreased by 3% year-on-year to 33.557 billion yuan, with online marketing revenue falling by 4% to 18 billion yuan, non-online marketing revenue increasing by 12% to 7.7 billion yuan, and iQIYI revenue also dropping by 10% to 7.2 billion yuan.
Regarding Baidu’s core business, adjusted net profit attributable to the core in the third quarter decreased by 18% to 5.676 billion yuan, with an adjusted operating profit of 6.652 billion yuan, in line with the previous year. Baidu’s core business had adjusted EBITDA of 8.336 billion yuan, and the adjusted EBITDA profit margin for the core business was 31%. Core revenue was largely stable compared to the previous year, coming in at 26.524 billion yuan.