Q3 24 EPS
$2.37
MISS 86.76%
Est. $17.90
Q3 24 Revenue
$4.78B
MISS 85.78%
Est. $33.63B
vs S&P Since Q3 24
+32.4%
BEATING MARKET
BIDU +53.4% vs S&P +21.0%
Market Reaction
Did BIDU Beat Earnings? Q3 2024 Results
Baidu delivered a stark disappointment in Q3 2024, with revenue of $4.78 billion missing the $33.63 billion consensus estimate by 85.78% and falling 86.1% year over year, while non-GAAP diluted earnings per ADS of $2.37 fell far short of the $17.90 c… Read more Baidu delivered a stark disappointment in Q3 2024, with revenue of $4.78 billion missing the $33.63 billion consensus estimate by 85.78% and falling 86.1% year over year, while non-GAAP diluted earnings per ADS of $2.37 fell far short of the $17.90 consensus by 86.76%. The primary drag came from persistent weakness in online marketing, which weighed heavily on Baidu Core results and contributed to a 19% year-over-year decline in non-GAAP net income once investment gains were stripped away. Free cash flow also contracted sharply to $2.63 billion from $6.00 billion a year ago, underscoring the operational headwinds the company faces. Against that backdrop, management pointed to AI Cloud momentum and Apollo Go's autonomous ride-hailing growth, with daily ERNIE API calls reaching roughly 1.5 billion by November, as evidence that its long-term strategy remains intact. Baidu signaled continued cost discipline and efficiency improvements across business units as it works to convert its AI investments into durable revenue growth.
Key Takeaways
- • AI Cloud business growth driving 12% YoY increase in non-online marketing revenue
- • Cost control and personnel-related expense reductions supporting operating margins
- • Fair value gains on long-term investments boosting total other income by 40% YoY
- • R&D expenses decreased 12% YoY due to lower personnel costs
BIDU YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
BIDU Revenue by Segment
With YoY comparisons, source: SEC Filings
“Baidu Core's flattish third quarter top line reflected the ongoing weakness in our online marketing business, offset by the growth of our AI Cloud business. Our strong AI capabilities are gaining broader market recognition, as evidenced by increasing adoption of ERNIE. In intelligent driving, Apollo Go continues to lead the global autonomous ride-hailing market, hitting another milestone with our sixth-generation autonomous vehicle now operating on public roads across multiple cities in China.”
— Robin Li, Q3 2024 Earnings Press Release
BIDU Earnings Trends
BIDU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BIDU EPS Trend
Earnings per share: estimate vs actual
BIDU Revenue Trend
Quarterly revenue: estimate vs actual
BIDU Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $10.15 | $1.52 | -85.02% | $32.74B | — |
| FY Full Year | $53.48 | $7.64 | -85.71% | $129.08B | -0.02% |
| Q3 25 | — | $1.56 | — | $4.38B | — |
| Q2 25 MISS | $13.33 | $1.90 | -85.75% | $32.71B | -0.62% |
| Q1 25 | — | $2.55 | — | $4.47B | — |
| Q3 24 MISS | $17.90 | $2.37 | -86.76% | $4.78B | -85.78% |