BIDU Earnings: Baidu Q2 2024 Adjusted Profit Declines on Consistent Revenues
BIDU Earnings Overview
Baidu, Inc. (NASDAQ: BIDU), the prominent Chinese internet search engine, reported a decline in adjusted profits for Q2 2024, registering RMB21.02 per ADS ($2.89 per ADS). This marks a drop from RMB22.55 per ADS during the same period in 2023, showcasing the ongoing challenges faced amid the COVID-19 pandemic.
Flat Revenues
During the June quarter, total revenues remained steady at RMB33.9 billion ($4.67 billion). The consistent revenue figure reflects the ongoing pressures in the technology and communication services sector, especially within China.
User Engagement
- The Baidu app reported 703 million monthly active users, up 4% year-over-year, indicating steady user engagement despite economic hurdles.
Comparative Performance
In comparison, Baidu's primary competitors, such as Google and Tencent, also navigate through similar revenue pressures in light of persisting pandemic effects and economic factors influencing internet search demand.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.