Overview
- Baidu’s third-quarter revenue fell 7.1% to 31.17 billion yuan, the biggest quarterly decline in company records.
- The company reported a net loss of 11.23 billion yuan due to asset impairments, compared with a profit a year earlier.
- Online marketing revenue dropped 18% to 15.3 billion yuan, and streaming unit iQIYI declined about 8% year over year.
- Non-marketing revenue rose 21% to 9.3 billion yuan, and executives said AI-related businesses generated about 10 billion yuan, roughly 50% higher than a year ago.
- Adjusted EPS of 11.12 yuan beat expectations, while free cash flow turned negative with a roughly $302 million outflow tied to heavier AI investment.