I. Overall situation and personal opinion
todays $Baidu (BIDU.US)$ Financial results for the second quarter of 2023 have been announced.Overall, Baidu Group's revenue for the second quarter was 34.1 billion yuan, up 14.9% year on year, 9% month on month, exceeding market expectations of RMB 33.29 billion, core revenue of RMB 26.4 billion, up 14.0% year on year, 14.8% month on month, exceeding market expectations of 25.66 billion yuan; adjusted operating profit of RMB 7.33 billion, exceeding market expectations of RMB 6.53 billion. Net profit (non-GAAP) attributable to Baidu reached 8 billion yuan, a sharp increase of 45.6% over the previous year. Both revenue and profit exceeded market expectations.Judging from the financial data, this financial report is good, but judging from the details, the financial report still has shortcomings.
$BIDU-SW (09888.HK)$ The main business situation is shown in the following figure. Among the core businesses, the advertising business accounts for more than 70% of the basic market's revenue. The innovative business is the future, depending on how much room Baidu has in the future. Currently, it accounts for close to 30% of revenue. In addition to this, iQiyi also has a non-core business.
First, let me just talk about my personal opinion:
1.The overall financial data exceeded expectationsI feel like the Q1 performance. Revenue increased 14.9% year on year and 9% month on month. Basically, it was the highest in a single quarter in history, and adjusted net profit increased 45.6 year on year...