Beijing, 19th August: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th June 2019. Revenues in the quarter were US$3.8 billion, a moderate increase of 1.4% year-on-year. However, excluding revenues from its divested businesses, Global DU and Du Xiaoman, the revenue increase was 6.0%. Net income in the quarter dropped 62% compared with the second quarter of 2018, down to US$351 million.
More than 73% of total revenues (US$2.8 billion) were generated from Baidu’s online marketing services, an 8.6% decrease year-on-year. The remaining revenues were generated from others services, amounting to US$1.03 billion. This represents an increase of 44% compared with the previous year. According to Baidu, the increase was mainly driven by robust growth in iQIYI membership services as well as cloud and smart devices.