In the third quarter, baidu's revenue reached 33.6 billion yuan, and the monthly active users of the baidu APP reached 0.704 billion.
Baidu Group-SW (09888.HK) announced its financial performance for the third quarter of 2024. In the third quarter of 2024, total revenue was 33.6 billion yuan, with Baidu's core revenue at 26.5 billion yuan, remaining roughly the same as last year; online marketing revenue was 18.8 billion yuan, a decrease of 4% year-on-year, while non-online marketing revenue was 7.7 billion yuan, an increase of 12%, mainly driven by asia vets business. In the third quarter, operating profit was 5.9 billion yuan. Baidu's core operating profit was 5.7 billion yuan, with a core operating profit margin of 21%.
Li Yanhong: Baidu will release a new version of the large model in early next year.
Baidu-SW(09888.HK)(BIDU.US) Chairman and CEO Robin Li revealed during the third quarter earnings call in 2024 that Baidu will release a new version of the Wenxin large model early next year to consolidate its leading advantage in basic models. Li Yanhong pointed out that as of November, the daily call volume of the Wenxin large model reached 1.5 billion, processing more than 1.7 trillion Tokens of text daily. Compared to the first disclosed 50 million daily call volume a year ago, it has grown 30 times. Li Yanhong stated that Baidu App's AI functionality already covers nearly 70% of its monthly active users, engaging with users through AI.
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In "Big Action", China Silver International has lowered the target price for Baidu (BIDU.US) to $128.01, with quarterly earnings falling short of expectations.
According to the research report by China International Capital Corporation, Baidu (BIDU.US) saw its core revenue flat year-on-year in the third quarter, leading to a 19% year-on-year decline in non-GAAP net income to 5.9 billion yuan, which was worse than expected. The institution maintains a cautious outlook on the company's advertising growth in the fourth quarter, but feels positive about the long-term profit outlook supported by generative ai, reiterating a 'buy' rating and lowering the US stock target price from $135.79 to $128.01. The institution also slightly reduced its forecast for the company's non-GAAP net profit this year by 0.5% and raised its forecast for 2025 to 2026 by 4.3% to 5.1%.