Categories AlphaGraphs, Earnings, Technology
BIDU Earnings: Baidu Q3 2024 adjusted profit drops on lower revenues
Internet search service provider Baidu, Inc. (NASDAQ: BIDU) Thursday reported a decline in adjusted profit for the third quarter of 2024. Revenues declined modestly year-over-year.
Total revenues of the China-based tech firm dropped 3% year-over-year to RMB33.6 billion ($4.78 billion) in the September quarter. The Baidu app had 704 million monthly active users at the end of the quarter, up 6% year-over-year.
Third-quarter adjusted earnings dropped to RMB16.6 per ADS ($2.37 per ADS) from RMB20.40 per ADS in the corresponding period of fiscal 2023. On an unadjusted basis, net income was RMB21.6 per ADS ($3.08 per ADS).
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