On May 16th, Baidu Group released its Q1 2024 performance announcement on the Hong Kong Stock Exchange. The company's total revenue in the first quarter was 31.513 billion yuan, a year-on-year increase of 1%; The net profit attributable to Baidu was 5.448 billion yuan, a year-on-year decrease of 6%; The net profit attributable to Baidu (Non GAAP non international accounting standard profit) was 7.011 billion yuan, a year-on-year increase of 22%.
According to the operation in the performance announcement, by the middle of April 2023, Baidu PaddlePaddle has gathered 13 million developers; In the first quarter of 2024, Baidu's autonomous driving service, Radish Run, supplied approximately 826000 autonomous driving orders, a year-on-year increase of 25%; In March 2024, the monthly active users of Baidu App reached 676 million, a year-on-year increase of 3%, and the quarterly online marketing revenue was 17 billion yuan.
Robin Lee, the founder, chairman and CEO of Baidu, said, "With the advent of the era of generative AI in China, basic models such as Wenxin model will become infrastructure and integrate into all aspects of people's lives. We are making Wenxin model series more affordable and efficient. This will bring more opportunities for Baidu."
Baidu CFO Luo Rong stated, "In the first quarter of 2024, Baidu's core operating profit margin (Non GAAP) reached 23.5%, with growth both year-on-year and month on month. We have established a record of continuously improving operational efficiency, and in the coming quarters, we will take the necessary measures to improve operational efficiency to support our artificial intelligence business and high-quality growth, while maintaining a healthy operating profit margin (Non GAAP)."