Baidu Reports Total Revenues of Over $4B in Q1

Beijing-based internet and technology giant Baidu announced on Thursday its unaudited financial results for the first quarter ended March 31, 2022. Total revenues were $4.48 billion, an increase of 1% year over year. Non-GAAP net income attributable to Baidu was $612 million.

Revenue from Baidu Core was $3.37 billion, remaining healthy with non-ad revenues increasing by 35% year over year, and driven by Baidu AI Cloud, which grew 45% year over year in the quarter.

The company is continuing to invest heavily in innovation as expenses for Baidu Core account for more than 20% of the division’s revenue for 6 consecutive quarters, and reached $810 million in Q1.

In March, Baidu App’s MAUs reached 632 million, up 13% year over year, and daily logged-in users reached 83%.

In addition, Baidu ACE smart transportation has been adopted by 41 cities, up from 16 cities a year ago, based on contract values over 10 million RMB, as of the end of the first quarter of 2022.

Apollo Go provided 196K rides in the first quarter of 2022 as it is now available in ten cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, among others.

SEE ALSO: Baidu Merges Mapping Services Into Intelligence Driving Group

On April 28 2022, Apollo Go was granted permits to provide driverless ride hailing services on public roads within the Yizhuang region of Beijing. Apollo also received the first permits in Chongqing to conduct driverless testing on May 20th, 2022.

Robin Li, Co-founder and CEO of Baidu, commented on the company’s progress:  “Since mid-March, our business has been negatively impacted by the recent COVID-19 resurgence in China. Although challenges related to the virus continue to pressure our near term business operations, we remain confident that our new AI businesses will boost the long-term growth of Baidu and contribute to China’s innovation-driven economy and sustainable development.”