Baidu Announces Second Quarter 2017 Results
BEIJING, China, July 27, 2017 Baidu, Inc. (NASDAQ: BIDU) (Baidu or the Company), the leading Chinese language Internet
search provider, today announced its unaudited financial results for the second quarter ended June 30, 20171.
In the second quarter, Baidu announced our new mission to make a complex world simpler through technology. said Robin Li, Baidus Chairman
and Chief Executive Officer. To achieve our mission, we will execute on two strategic pillars: to strengthen our mobile foundation and lead in AI. We will use AI as a fundamental driver to elevate our current core business, specifically our
core products of Mobile Baidu, search and feed. In parallel, we will continue to build out our newer AI-enabled initiatives through an open platform and ecosystem approach to capture long term economic
We made big strides in the second quarter, as we reported solid financial performance and made meaningful progress in our core
business and AI-enabled initiatives, said Qi Lu, Baidus Vice Chairman, Group President and Chief Operating Officer. Our Mobile Baidu App and our Feed product showed
strong progress, and the
solid increase of our online active customer base reaffirmed Baidus unique and compelling value proposition. At our inaugural Baidu Create AI Developer conference, we showcased our AI platform and
eco-system leadership position and compelling long term economic opportunities. iQiyi also continued to solidify its lead in the online video industry.
We delivered solid results in the second quarter, said Jennifer Li, CFO of Baidu. We will continue to drive operational efficiency on our
platform and invest in the core strength of technology and in our ecosystem. We will execute with discipline to fulfill our new mission in the AI era to generate long term shareholder value.
Second Quarter 2017 Financial Highlights
||Total revenues in the second quarter of 2017 were RMB20.874 billion ($3.079 billion), a 14.3% increase from the corresponding period in 2016. Mobile revenue represented 72% of total revenues for the second
quarter of 2017, compared to 62% for the corresponding period in 2016. |
||Operating profit in the second quarter of 2017 was RMB4.210 billion ($621 million), a 46.9% increase from the corresponding period in 2016. iQiyi reduced
non-GAAP operating margins by 11.5 percentage points for the second quarter of 2017. |
||This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at
a rate of RMB6.7793 to US$1.00, the effective noon buying rate as of June 30, 2017, in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. |