Baidu revenues grow 1%, turns to net profit in Q3

News Broadband China 17 NOV 2020
Baidu revenues grow 1%, turns to net profit in Q3
Baidu posted total revenues of CNY 28.2 billion (approximately USD 4.16 billion) for the third quarter of 2020, which represents an increase of 1 percent year-on-year. Revenue from Baidu Core reached CNY 21.4 billion, up 2 percent from the third quarter of 2019. Online marketing revenue from Baidu Core amounted to CNY 18.4 billion, basically flat year-on-year. 

Third-quarter net income reached CNY 13.7 billion (USD 2.02 billion), compared to a loss of CNY 6.4 billion in the quarter ended 30 September 2019. Diluted earnings per ADS amounted to CNY 39.79 (USD 5.86) in the third quarter of 2020. Adjusted EBITDA was CNY 9.1 billion, and adjusted EBITDA margin was 32 percent. 

Baidu ended September with cash, cash equivalents, restricted cash and short-term investments of CNY 146 billion, and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were CNY 138.5 billion. Free cash flow was CNY 6.3 billion, and free cash flow excluding iQIYI was CNY 8.3 billion (USD 1.22 billion).

Baidu App's daily active users reached 206 million and its monthly active users reached 544 million in September 2020. Topical live streaming, such as Wander Planet and Who to Support, grew eight folds sequentially, Baidu also said. 

DuerOS first-party monthly voice queries reached 2.7 billion, up 65 percent year-on-year, and DuerOS total monthly voice queries reached 5.3 billion in September. The DuerOS skills store, offering 4,300 skills in wide ranging genres, including education, video, online game and live streaming, is supported by a developer community of 45,000. 

Baidu also ended September with 104.8 million subscribers to its online video platform iQiyi, while iQiyi membership revenue was up 7 percent year-on-year.

 

 

Baidu expects revenues of up to CNY 31.3 billion for Q4 

For the fourth quarter of 2020, Baidu expects its revenues to range between CNY 28.6 billion (USD 4.2 billion) and CNY 31.3 billion (USD 4.6 billion), representing a decline of 1 percent to a growth of 8 percent year-on-year, which assumes that Baidu Core revenue will grow between -1 percent and 10 percent year-on-year.

Categories:

Internet

Companies:

Baidu,  iQiyi

Countries:

China

Tags:

Sales figures, Financial figures

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