Baidu's Q2 financial report: Core profits increase by 23% more than expected, driven by high-quality growth in AI business.

On August 22 Beijing time, Baidu released its Q2 2024 financial report, showing a total revenue of 33.9 billion yuan for the quarter, core revenue of 26.7 billion yuan, core operating profit of 5.6 billion yuan, a year-on-year growth of 23%, exceeding market expectations.

Baidu's founder, chairman, and CEO Robin Li said, "Over time, the revolutionary impact of generative AI and foundational models on commercial society and daily life has become increasingly significant. Thanks to the advantage of full-stack AI technology, and the rapid popularization of AI applications built on the Wenxin large model framework, we are expanding the scale of AI implementation to address real-world problems and create enormous value for external customers and internal products."

Baidu's CFO Herman Yu stated, "In the second quarter, as the speed of product AI native transformation accelerated, we optimized operational efficiency and maintained a healthy profit margin. Especially in the smart cloud business, we expect to continue the strong growth momentum."

The financial report shows that in June, Baidu released the Wenxin large model 4.0 Turbo to expand the richness of the Wenxin model series. Compared to Wenxin large model 4.0, Turbo is designed for faster operation speed and lower cost. Recently, Baidu also reduced the prices of two flagship models, Wenxin large model 3.5 and 4.0, and offered ERNIE Speed, ERNIE Lite, ERNIE Tiny models for free.

In June, the monthly active users of the Baidu App reached 0.703 billion, a 4% year-on-year growth; quarterly online marketing revenue was 19.2 billion yuan. Baidu continues to advance AI search transformation, with search becoming the largest entry point for intelligent body distribution. Intelligent bodies built on the Wenxin Intelligent Body Platform AgentBuilder can distribute within the Baidu ecosystem, enrich the content ecosystem, and enhance customer efficiency.

According to financial reports, ai asia vets continued to accelerate its growth in the second quarter and will maintain strong momentum; as of June, the number of developers in the PaddlePaddle Wenxin community has reached 14.65 million. Public data shows that baidu ai asia vets Qianfan large model platform has served 0.15 million customers in total, helping users fine-tune a cumulative total of 0.021 million large models.

In the field of autonomous driving, as of July 28th, autonomous driving travel services have provided over 7 million rides nationwide; approximately 0.899 million rides were provided in the second quarter, a 26% year-on-year increase. In May of this year, Baidu released a driverless car equipped with the sixth-generation Apollo autonomous driving system solution, and launched the world's first large model Apollo ADFM (Autonomous Driving Foundation Model) supporting L4-level autonomous driving. Currently, the sixth-generation car has begun large-scale testing.

At the same time, baidu's outstanding esg performance successfully selected the "s&p global Sustainable Development Yearbook (Chinese Edition) 2024", standing out and being selected from 1,700 participating companies, highlighting the high international market recognition of baidu's sustainable development practices.

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