BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Baidu Announces First Quarter 2024 Financial Results: Net Income of $5.4 Billion
- Total Revenues: RMB 31.5 billion ($4.37 billion), up 1% year-over-year
- Operating Income: RMB 5.5 billion ($760 million), up 10% year-over-year
- Net Income: RMB 5.4 billion ($755 million), down 6% year-over-year
- Diluted EPS: RMB 14.91 ($2.07)
- Non-GAAP Net Income: RMB 7.0 billion ($971 million), up 22% year-over-year
- Non-GAAP Diluted EPS: RMB 19.91 ($2.76)
Financial Performance Overview
Baidu, Inc. (NASDAQ: BIDU), a leading AI company with a strong Internet foundation, announced its unaudited financial results for Q1 2024. The company reported total revenues of RMB 31.5 billion ($4.37 billion), reflecting a 1% year-over-year increase. Operating income for the quarter reached RMB 5.5 billion ($760 million), a 10% year-over-year increase.
Segment Performance
Baidu Core
- Total Revenues: RMB 23.8 billion ($3.30 billion), up 4% year-over-year
- Operating Income: RMB 4.5 billion ($629 million), up 11% year-over-year
- Net Income: RMB 5.2 billion ($713 million), down 7% year-over-year
- Non-GAAP Operating Income: RMB 5.6 billion ($774 million), up 4% year-over-year
iQIYI
- Total Revenues: RMB 7.9 billion ($1.10 billion), down 5% year-over-year
Operational Highlights
Baidu's AI Cloud business contributed significantly to the company's growth, driven by increased adoption of its ERNIE family of models. The ERNIE models are becoming more affordable and efficient, positioning Baidu well in the evolving Gen-AI landscape in China.
Apollo Go, Baidu’s autonomous ride-hailing service, provided approximately 826,000 rides in Q1 2024, marking a 25% year-over-year increase. The cumulative rides provided by Apollo Go surpassed 6 million as of April 19, 2024.
Financial Metrics
- Cost of Revenues: RMB 15.3 billion ($2.12 billion), up 1% year-over-year
- SG&A Expenses: RMB 5.4 billion ($745 million), down from 18% to 17% of total revenues
- R&D Expenses: RMB 5.4 billion ($742 million), down 1% year-over-year
- Adjusted EBITDA: RMB 8.2 billion ($1.14 billion), with an adjusted EBITDA margin of 26%
Corporate Developments
Baidu returned US$229 million to shareholders in Q1 2024, bringing the cumulative repurchase to US$898 million under the 2023 share repurchase program. The company also released its annual ESG Report, detailing its latest ESG policies and sustainability initiatives.
Company Outlook
Robin Li, Co-founder and CEO of Baidu, highlighted the company's stable online marketing revenue and the growth of its AI Cloud revenue. Baidu’s focus on optimizing its AI technology stack is expected to provide greater opportunities as the Gen-AI era unfolds in China. CFO Rong Luo emphasized the company's commitment to improving operational efficiency and supporting high-quality growth.
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