China-based Baidu‘s net revenue fell 5% during the June quarter, hitting about US$4.4 billion as online marketing revenue was affected by Covid-19 resurgence.
Apollo Go, Baidu’s autonomous ride-hailing service / Photo credit: Baidu
The company’s operating income also slipped marginally by 2% during the quarter, while adjusted EBITDA was down 17%.
Baidu, however, posted a net income of US$543 million in Q2, compared to a net loss of US$583 million during the same period in 2021. Its AI cloud business maintained a rapid growth momentum of 31% year on year.
Apollo Go, the internet giant’s autonomous ride-hailing service, continued to scale up. It provided 287,000 rides in the second quarter.
“Apollo Go became the first provider to offer fully driverless ride-hailing services – that is completely without human drivers present in the car – on open roads in Chongqing and Wuhan, allowing us to further scale up our operations at an accelerated pace,” said Robin Li, the company’s co-founder and CEO.
Meanwhile, video-streaming service, iQiyi’s total number of subscribers went down to 98 million from 99 million in Q2 2021.
See also: Baidu’s financial health in 5 charts
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
