Sina Technology News on the afternoon of March 1, Beijing time,Baidu(Nasdaq: BIDU) today released financial results for the fourth quarter and full year of 2021 ended December 31. In the fourth quarter, Baidu’s total revenue was 33.1 billion yuan (about 5.19 billion U.S. dollars), an increase of 9% compared with the same period last year. Net profit was 1.7 billion yuan (about 269 million U.S. dollars); non-GAAP net profit was 4.1 billion yuan (about 641 million U.S. dollars).
For the whole of 2021, Baidu’s total revenue will be 124.5 billion yuan (about 19.54 billion U.S. dollars), an increase of 16% from 2020. Net profit was 10.2 billion yuan (about 1.61 billion US dollars); non-GAAP net profit was 18.8 billion yuan (about 2.96 billion US dollars).
Fourth Quarter Results Highlights:
Total revenue was 33.1 billion yuan (about 5.19 billion U.S. dollars), an increase of 9% compared to the same period last year.
Net profit was 1.7 billion yuan (about 269 million U.S. dollars); non-GAAP net profit was 4.1 billion yuan (about 641 million U.S. dollars).
According to data from research institutions IDC and Canalys, in the fourth quarter of 2021, Xiaodu ranked first in both global smart screen shipments and Chinese smart speaker shipments.
In December last year, Baidu App’s MAU (monthly active users) reached 622 million, a year-on-year increase of 14%. Daily logged-in users reached a record high of 82%, underscoring a positive user experience.
Managed Pages accounted for 40% of Baidu Core’s online marketing revenue in Q4, compared to 43% in Q3 2021.
December 2021,IQIYISubscribers reached 99 million.
Fourth quarter results analysis:
Total revenue was 33.1 billion yuan (about 5.19 billion U.S. dollars), an increase of 9% compared to the same period last year.
Baidu’s fourth-quarter revenue from “Baidu Core” reached 26 billion yuan (about 4.08 billion U.S. dollars), an increase of 12% over the same period last year.
Online marketing revenue was 19.1 billion yuan (about 3.00 billion U.S. dollars), an increase of 1% year-on-year. Non-network marketing revenue was 6.9 billion yuan (about 1.08 billion U.S. dollars), an increase of 63% year-on-year.
Revenue from iQiyi was 7.4 billion yuan ($1.16 billion), down 1% year-on-year.
The cost of revenue was 17.3 billion yuan (about 2.71 billion U.S. dollars), an increase of 19% over the same period last year.
Selling, general and administrative expenses were 6.5 billion yuan (about 1.01 billion U.S. dollars), an increase of 27% over the same period last year.
Research and development spending was 7.4 billion yuan (about 1.16 billion U.S. dollars), an increase of 30% over the same period last year.
Operating profit was 2 billion yuan (about 307 million US dollars). “Baidu Core” operating profit in the fourth quarter was 3 billion yuan (about 464 million US dollars), and the operating profit margin was 11%.
Non-GAAP operating profit was 4.3 billion yuan ($676 million). “Baidu Core” operating profit in the fourth quarter was 4.8 billion yuan (about 761 million US dollars), and the operating profit margin was 19%.
Other income was 407 million yuan (about 64 million US dollars).
Income tax expenses were 1.3 billion yuan (about 203 million U.S. dollars), an increase of 26% year-on-year.
Net profit attributable to Baidu was 1.7 billion yuan (about 269 million U.S. dollars), and diluted earnings per American depositary share was 4.51 yuan (about 0.71 U.S. dollars). “Baidu Core” net profit in the fourth quarter was 2.7 billion yuan (about 417 million US dollars), with a net profit margin of 10%.
Not in accordance with US GAAP, the net profit attributable to Baidu was 4.1 billion yuan (about 641 million US dollars), and the diluted earnings per American depositary share was 11.60 yuan (about 1.82 US dollars). “Baidu Core” net profit in the fourth quarter was 4.6 billion yuan (about 726 million US dollars), with a net profit margin of 18%.
Non-GAAP adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was 5.8 billion yuan ($903 million), and the adjusted EBITDA margin was 17%. “Baidu Core” had an adjusted EBITDA of 6.2 billion yuan ($974 million) and an adjusted EBITDA margin of 24%.
As of December 31, 2021, Baidu’s cash, cash equivalents, restricted cash and short-term investments totaled 190.9 billion yuan (approximately $29.96 billion). If iQiyi is excluded, as of December 31, 2021, Baidu’s cash, cash equivalents, restricted cash and short-term investments totaled 186.5 billion yuan (about 29.27 billion U.S. dollars).
Other results for the fourth quarter:
In the fourth quarter of 2021, Baidu repurchased US$615 million to shareholders under the 2020 share repurchase program, bringing the cumulative repurchase in 2021 to approximately US$1.2 billion. As of the end of 2021, the Company has repurchased approximately $2.9 billion from shareholders under the 2020 share repurchase program.
As of the end of 2021, based on the contract value of more than 10 million yuan, Baidu ACE intelligent transportation has been implemented in 35 cities, an increase from 14 cities last year; as of the end of 2021, the cumulative number of PaddlePaddle developers has increased to 406 million, serving 157,000 enterprises. By the end of 2021, developers have made 476,000 models on PaddlePaddle.
Baidu’s self-driving business, Carrot Run, has about 213,000 passenger orders in the fourth quarter of 2021, nearly doubling from the previous quarter. Up to now, Carrot Run has covered 8 cities including Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou and Yangquan; among them, Beijing, Chongqing, and Yangquan have all started official charging operations; Jidu Auto is owned by Baidu and Zhejiang Geely A smart electric vehicle company jointly established by the group has completed the A round of financing, raising nearly 400 million US dollars.
2021 full year results:
Total revenue was 124.5 billion yuan (about 19.54 billion U.S. dollars), an increase of 16% from 2020.
Revenue from “Baidu Core” reached 95.2 billion yuan (about 14.93 billion U.S. dollars), an increase of 21% over 2020.
Online marketing revenue was 74 billion yuan (about 11.60 billion U.S. dollars), an increase of 12% over 2020. Non-marketing revenue was 21.2 billion yuan (about 3.33 billion U.S. dollars), an increase of 71% from 2020.
Revenue from iQIYI was 30.6 billion yuan ($4.80 billion), up 3% from 2020.
The cost of revenue was 64.3 billion yuan (about 10.09 billion U.S. dollars), an increase of 17% over 2020.
Selling, general and administrative expenses were 24.7 billion yuan (about 3.88 billion U.S. dollars), an increase of 37% over 2020.
R&D spending was 24.9 billion yuan (about 3.91 billion U.S. dollars), an increase of 28% over 2020.
Operating profit was 10.5 billion yuan (about 1.65 billion U.S. dollars). “Baidu Core” operating profit was 15.1 billion yuan (about 2.38 billion US dollars), and the operating profit margin was 16%.
Non-GAAP operating profit was 16 billion yuan ($2.99 billion). “Baidu Core” operating profit was 22.2 billion yuan (about 3.48 billion US dollars), and the operating profit margin was 23%.
Income tax expenses were 3.2 billion yuan ($500 million), a 22% decrease from 2020.
Net profit attributable to Baidu was 16.6 billion yuan (about 2.57 billion US dollars), and the diluted loss per American depositary share was 48.18 yuan (about 7.48 US dollars). “Baidu Core” reported a net loss of 15.6 billion yuan (about 2.43 billion U.S. dollars) in the third quarter.
Net profit attributable to Baidu was 10.2 billion yuan (about 1.61 billion U.S. dollars), and diluted earnings per American depositary share was 28.07 yuan (about 4.40 U.S. dollars). “Baidu Core” net profit was 13.6 billion yuan (about 2.13 billion US dollars), and the net profit margin was 14%.
Not in accordance with US GAAP, the net profit attributable to Baidu was 18.8 billion yuan (about 2.96 billion US dollars), and the diluted earnings per American depositary share was 53.53 yuan (about 8.40 US dollars). “Baidu Core” net profit was 21.3 billion yuan (about 3.34 billion U.S. dollars), with a net profit margin of 22%.
Non-GAAP adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was 24.9 billion yuan (about 3.91 billion U.S. dollars), and the adjusted EBITDA margin was 20%. “Baidu Core” adjusted EBITDA was 27.7 billion yuan (about 4.34 billion U.S. dollars), and the adjusted EBITDA margin was 29%.
Free cash flow was 9.2 billion yuan ($1.45 billion). Excluding iQiyi, free cash flow was 15.4 billion yuan ($2.42 billion).