Baidu Q2 revenue drops 5%

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.

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