On November 21st, Baidu announced its third quarter performance for 2024, achieving a revenue of 33.6 billion yuan, of which Baidu's core achieved a revenue of 26.5 billion yuan. In this quarter, the net profit attributable to Baidu was 7.6 billion yuan, of which the net profit attributable to Baidu Core was 7.5 billion yuan, a year-on-year increase of 17%, exceeding market expectations. According to the financial report, in November, the daily average call volume of Wenxin's large model reached 1.5 billion times.
"The increasing use of Wenxin's big model proves that our strong AI capability is gaining wider market recognition." Robin Lee, Baidu's founder, chairman and CEO, said, "We adhere to the strategy of taking AI as the core, and are confident in long-term development. As we further expand the application scale of AI, we will be more confident to explore how it can stimulate innovation and create value for consumers, enterprises and the whole society."
According to the financial report, in the third quarter, Baidu launched two enhanced lightweight models, ERNIE Speed Pro and ERNIE Lite Pro, further expanding the richness of the Wenxin series models.
In November, the daily average call volume of Wenxin Big Model reached 1.5 billion times. Compared to the 50 million disclosures in the fourth quarter of last year, it has increased 30 times within a year. As of November, the number of PaddlePaddle Wenxin ecological developers has reached 18.08 million.
In terms of intelligent driving services, as of October 28th, Baidu's autonomous driving travel service has provided over 8 million rides nationwide; The number of ride hailing services provided in the third quarter reached 988000, a year-on-year increase of 20%. At present, the sixth generation autonomous vehicles have provided services on public roads in multiple cities in China.
In terms of mobile ecosystem services, in September 2024, the monthly active users of Baidu App reached 704 million, a year-on-year increase of 6%; In the third quarter, Baidu's core online marketing revenue was 18.8 billion yuan.
Since the beginning of the third quarter of 2024, Baidu's share repurchase amount has been $161 million, and the cumulative repurchase amount under the 2023 share repurchase plan has reached approximately $1.4 billion.