On August 22, Beijing time, Baidu released its Q2 2024 financial report, showing a total quarterly revenue of 33.9 billion yuan, Baidu's core revenue of 26.7 billion yuan, and Baidu's core operating profit of 5.6 billion yuan, a year-on-year increase of 23%, exceeding market expectations.
Robin Lee, the founder, chairman and CEO of Baidu, said, "As time goes by, generative AI and basic models have more and more significant revolutionary impact on business society and daily life. Thanks to the advantages of AI technology in the whole stack and the rapid popularity of AI applications based on Wenxin's big model, we are expanding the scale of AI implementation to solve problems in the real world and create great value for external customers and internal products."
Baidu's Chief Financial Officer, Luo Rong, said, "In the second quarter, as the speed of AI native transformation of our products accelerated, we optimized operational efficiency and maintained a healthy profit margin. Especially in the intelligent cloud business, we expect to continue strong growth momentum
According to the financial report, Baidu released the Wenxin Big Model 4.0 Turbo in June to expand the richness of the Wenxin series models. Compared with the Wenxin Big Model 4.0, the Turbo design has faster running speed and lower cost. Recently, Baidu also lowered the prices of two flagship models, Wenxin Big Model 3.5 and 4.0, and opened up three models, ERNIE Speed, ERNIE Lite, and ERNIE Tiny, for free.
In June, the monthly active users of Baidu App reached 703 million, a year-on-year increase of 4%; Quarterly online marketing revenue was 19.2 billion yuan. Baidu continues to promote AI search transformation, and search is becoming the largest entrance for intelligent agent distribution. Intelligent agents built on the Wenxin intelligent agent platform AgentBuilder can be distributed within Baidu search and other ecosystems to enrich the content ecosystem and improve customer efficiency.
According to financial reports, intelligent cloud continued to accelerate its growth in the second quarter and will maintain a strong growth momentum; As of June, the number of PaddlePaddle Wenxin community developers has reached 14.65 million. Public data shows that the Baidu AI Cloud Qianfan big model platform has served 150000 customers and helped users fine tune 21000 big models.
In the field of autonomous driving, as of July 28th, autonomous driving travel services have provided over 7 million rides nationwide; About 899000 ride hailing services were provided in the second quarter, a year-on-year increase of 26%. In May this year, Baidu released an unmanned vehicle equipped with Apollo's sixth generation auto drive system solution, and launched the world's first large-scale model, Apollo ADFM (Autonomous Driving Foundation Model), which supports L4 level automatic driving. At present, the sixth generation car has started large-scale testing.
Meanwhile, due to its outstanding ESG performance, Baidu was successfully selected for the "Sustainable Development Yearbook (China Edition) 2024" released by S&P Global, standing out from 1700 participating companies and successfully selected, highlighting the high recognition of Baidu's sustainable development practices in the international market.