On the afternoon of August twenty second, Baidu launched its unaudited monetary report for the second quarter ending on June thirtieth, 2023. The whole revenues reached $4.70 billion, growing 15% yr over yr. Non-GAAP web revenue attributable to Baidu amounted to $11 billion, growing by 44% in comparison with the earlier yr. This information was at 22% in the identical interval final yr and 23% within the first quarter of this yr. According to the monetary report, Baidu‘s core on-line advertising income was $2.69 billion, rising by 15% in comparison with final yr. Baidu‘s core operations generated roughly $260 million in web money circulate.
In the second quarter of 2023, “Baidu Core experienced a boost in revenue and profit growth due to strong online marketing performance and operational leverage,” defined Baidu‘s Co-founder and CEO, Robin Li. He emphasized the transformative potential of generative AI and large language models across industries, underscoring their commitment to constant model improvement, enhanced creativity, training efficiency, and reduced inference costs. Baidu‘s latest model, ERNIE 3.5, has gained recognition from cloud customers, AI developers, and industry experts. The company’s AI-native method drives product reinvention for modern experiences and assist to enterprises, reflecting their dedication to fostering sustainable long-term progress by generative AI and LLM.
“Baidu Core’s non-GAAP operating profit surged by 27% compared to a year ago, alongside an increase in non-GAAP operating margin from 22% to 25%, surpassing the 23% margin of the previous quarter,” defined Rong Luo, Baidu‘s CFO. He highlighted that Baidu Core generated roughly $13.3 billion in web money from working actions in the course of the quarter. These enhancements in revenue, margins, and money era primarily resulted from accelerated income and enhanced effectivity. Rong Luo additional emphasised Baidu‘s decade-long funding in AI, positioning the corporate to capitalize on rising alternatives, notably within the realm of generative AI and massive language fashions, within the upcoming quarters.
From the attitude of enterprise segments, Baidu‘s core businesses such as Baidu Intelligent Cloud, Intelligent Driving, and User Products maintained a growth trend in the second quarter. Baidu recently unveiled ERNIE 3.5, the latest foundation model powering its advanced conversational AI, ERNIE Bot. According to IDC’s July 2023 report, ERNIE 3.5 excels in algorithms, business protection, developer instruments, and ecosystem power.
SEE ALSO: Baidu’s CTO Wang Haifeng: PaddlePaddle Now Has 7.5 Million Developers
In one other achievement, Baidu earned a spot within the S&P Global Sustainability Yearbook’s China version for its distinctive ESG scores. This recognition displays Baidu‘s sustainability efforts after being evaluated amongst 1,600 Chinese corporations within the S&P Global 2022 Corporate Sustainability Assessment.
At the AI Cloud stage, the PaddlePaddle developer group has surged to eight million members in mid-August 2023, enhancing Baidu‘s self-developed open-source deep learning framework’s recognition. Baidu solidified its place as China’s high AI Cloud supplier for the fourth yr in a row, based on IDC’s 2022 report on the nation’s public cloud market.
In phrases of autonomous driving, Baidu‘s autonomous ride-hailing service, Apollo Go, demonstrated exceptional progress in Q2 2023, providing roughly 714,000 rides—a formidable 149% surge in comparison with the earlier yr. The cumulative rides offered to the general public by Apollo Go surpassed 3.3 million as of June 30, 2023.
Apollo Go achieved important milestones in increasing its totally driverless ride-hailing companies. In June, it obtained the inexperienced gentle to function totally driverless rides for the general public within the Shenzhen Pingshan space, including to its current permissions in Beijing, Shenzhen, Wuhan, and Chongqing. Furthermore, Apollo Go gained permits for totally driverless testing on public roads within the Shanghai Pudong space in July.
At the consumer product stage, Baidu‘s monthly active users of the Baidu App reached 677 million in June, an increase of 8% year-on-year. According to data from IDC and Canalys, Xiaodu ranked first in terms of shipment volume for smart screens and smart speakers in China’s first quarter of 2023.
In the sector of AI, Baidu is at the moment conducting inner testing for options similar to “AI Companion” and “AI BOT” in Baidu Search. Currently, Baidu Search receives over 50 million new question-and-answer calls for every day.
In May, Baidu introduced the inner testing of “AI Document Assistant” on Baidu Wenku, which makes use of AI applied sciences similar to massive fashions to reconstruct conventional studying and workplace modes. Baidu Marketing’s AIGC business artistic platform “Qingduo” can generate a digital human mannequin in 3 minutes and produce a whole digital inhabitants video in 5 minutes by multimodal content material era, bettering the effectivity of business promoting monetization.
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