Earnings Summary: Baidu reports lower Q2 revenue and adjusted earnings

Internet search service provider Baidu, Inc. (NASDAQ: BIDU) on Wednesday reported lower revenues and adjusted earnings for the second quarter of fiscal 2025.

• Total revenues were RMB32.7 billion ($4.57 billion) in the second quarter, down 4% from the prior-year period
• Revenue from Baidu Core decreased 2% year over year, and iQIYI revenue declined 11% in Q2
• Net income attributable to Baidu was RMB7.3 billion ($1.02 billion) in Q2, and earnings per ADS were RMB20.35 ($2.84)
• Adjusted net income attributable to the company came in at RMB4.8 billion ($669 million); adjusted earnings per ADS were RMB13.58 ($1.90)
• Second-quarter adjusted EBITDA was RMB6.5 billion ($906 million); adjusted EBITDA margin came in at 20%
• At the end of June 2025, Baidu App’s MAUs totaled 735 million, which is up 5% from the prior-year period
• Cost of revenues increased 12% year-over-year to RMB18.4 billion ($2.56 billion) in Q2, primarily due to an increase in costs related to AI cloud business and content costs