Baidu reports Q3 revenue dip, AI Cloud growth remains strong

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Baidu Inc. reported its Q3 2024 earnings on Thursday, showing revenue of RMB 33.6 billion ($4.78 billion), a year-on-year decline of 3%. Core revenue remained steady at RMB 26.5 billion ($3.78 billion), supported by a 12% Y-o-Y growth in non-online marketing revenue, primarily driven by its AI Cloud services. However, revenue for its entertainment streaming platform iQIYI dropped 10% to RMB 7.2 billion ($1.03 billion). Baidu’s AI initiatives showed robust growth, with robotaxi operator Apollo Go delivering 988,000 rides, up 20% Y-o-Y. CEO Robin Li emphasized the company’s focus on integrating generative AI into its services to drive innovation.