Beijing, 26th October: Last week, Baidu, the leading Internet search engine in China, released its financial results for the quarter ended 30th September 2017. Revenues were US$3.5 billion, a 29% increase year-on-year. Net income in the third quarter jumped 156%, amounting to US$1.2 billion. Diluted earnings per share in the quarter were RMB 24.00 (US$3.62).
The vast majority of Baidu’s revenues were generated from its online marketing business (US$3.02 billion). This represents an increase of 22% year-on-year. In the third quarter, Baidu reported it had 486,000 active online marketing customers, down 7% compared with the same quarter of last year. However, revenue per online marketing customer in the quarter grew 31% year-on-year, reaching US$6,147.
Robin Li, Baidu’s Co-Founder and CEO, said, “In the third quarter, we made good progress in our strategic pillars to strengthen our mobile foundation and lead in AI. On strengthening our mobile foundation, our strategy to leverage Baidu’s leading AI technologies to increase the user scale and user stickiness of Mobile Baidu is showing measurable results. On our AI initiatives, we continue to focus on developing platforms for smart device and autonomous driving markets, as well as leveraging AI into vertical sectors, such as financial services.”
Source: Baidu press release