Baidu is trying to reinvent itself as a supplier of deep technology by expanding into self-driving systems and AI cloud.
Chinese leading AI company Baidu Inc. (NASDAQ: BIDU) announced its unaudited financial results for the second quarter ended June 30, 2022. The financial results showed that Baidu’s sales slumped 5% to CNY 29.6 billion (USD 4.3 billion), while its non-GAAP (generally accepted accounting principles) net profit stood at 5.5 billion, an increase of 3 % year-on-year.
Second Quarter 2022 Financial Highlights.
Baidu Core and AI Cloud
"Despite a challenging macro environment caused by Covid-19, Baidu Core generated CNY 23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter", said Robin Li, Co-founder and CEO of Baidu.
iQIYI
Baidu's Netflix-like video service, iQIYI (Chinese:爱奇艺), reported second quarter revenue of CNY 6.7 billion, down 13 % year-on-year. In terms of subscriber numbers, iQIYI's average daily subscriptions were 98 million in the second quarter of 2022, compared to 99 million in the second quarter of 2021 and 101 million in the first quarter of 2022.
Mobile Ecosystem
The number of monthly active users of the Baidu App reached 628 million in June 2022, up 8% year-on-year. The share of daily logged-in users was 84%, up from 76% a year ago.
Intelligent Driving
Apollo Go (Chinese:萝卜快跑), Baidu's autonomous ride-hailing service, provided 287,000 rides in the second quarter of 2022. Besides, it started offering fully driverless ride-hailing services on open roads and received the permits to collect fees from the passengers in Chongqing and Wuhan on August 8, 2022, which has made Apollo Go the first and only of its kind in China to provide ride-hailing services completely without human drivers present in the car.