Earnings Summary: Baidu Q3 FY25 adj. earnings drop on lower revenues

China-based internet search service provider Baidu, Inc. (NASDAQ: BIDU) reported a sharp fall in adjusted earnings for the third quarter of fiscal 2025, hurt by a decline in revenues.

• Total revenues were RMB31.2 billion ($4.38 billion) in the third quarter, down 7% from the prior-year period
• Revenue from Baidu Core decreased 7% year over year, and iQIYI revenue declined 8% in Q3
• The company reported a net loss of RMB11.2 billion ($1.58 billion) for Q3, compared to net income of RMB7.63 billion in Q3 2024
• Loss per ADS was RMB33.88 ($4.76) in Q3, vs. earnings of RMB21.60 per ADS in Q3 2024
• On an adjusted basis, Q3 FY25 earnings were RMB3.77 billion ($530 million); adjusted earnings per ADS were RMB11.12 ($1.56)
• Third-quarter adjusted EBITDA was RMB4.43 billion ($622 million); adjusted EBITDA margin came in at 14%
• At the end of September 2025, Baidu App’s MAUs totaled 708 million, which is up 1% from the prior-year period
• Cost of revenues increased 12% year-over-year to RMB18.3 billion ($2.57 billion) in Q3, mainly due to an increase in costs related to the AI Cloud business and content costs