BaiduThe third-quarter financial report of 2021 was disclosed. In the third quarter, revenue was 31.921 billion yuan, and the market was estimated to be 31.81 billion yuan, a year-on-year increase of 13%; adjusted operating profit was 4.71 billion yuan, a year-on-year decrease of 38%; adjusted profit per ADS was 14.66 yuan; The net loss was 16.559 billion yuan, compared with a profit of 13.678 billion yuan in the same period last year.BaiduThe revenue in the fourth quarter is expected to be between 31 billion yuan and 34 billion yuan.
In terms of income,BaiduTotal revenue in the third quarter was 31.9 billion yuan (4.95 billion US dollars), a year-on-year increase of 13%. Among them, revenue from Baidu core was 24.7 billion yuan ($3.83 billion), a year-on-year increase of 15%; online marketing revenue was 19.5 billion yuan ($3.02 billion), a year-on-year increase of 6%, and non-network marketing revenue was 5.2 billion yuan RMB (806 million US dollars), driven by cloud and other artificial intelligence-driven businesses, increased by 76% year-on-year.FromIQIYIThe revenue of 7.6 billion yuan (1.18 billion U.S. dollars) was a year-on-year increase of 6%.
In terms of costs, Baidu’s cost of revenue in the third quarter was RMB 16.1 billion (US$2.5 billion), an increase of 26% year-on-year, mainly due to the increase in traffic acquisition costs, content costs, and sales costs related to new artificial intelligence businesses.
In terms of expenses, Baidu’s third-quarter sales, general and administrative expenses were RMB 7.3 billion (US$1.14 billion), an increase of 56% year-on-year, mainly due to channel expenses, promotional marketing, personnel-related expenses, and legal procedures involving former advertising agencies. The contingent loss increases. Research and development expenses were RMB 6.2 billion (US$957 million), a year-on-year increase of 35%, mainly related to personnel-related expenses.
In terms of profit, Baidu’s third-quarter operating profit was 2.3 billion yuan (358 million US dollars). Baidu’s core operating profit was RMB 3.7 billion (US$577 million), and Baidu’s core operating profit margin was 15%. Non-GAAP operating profit was RMB 4.7 billion (US$731 million). Baidu’s core non-GAAP operating profit was 5.8 billion yuan ($904 million), and Baidu’s core non-GAAP operating profit margin was 24%.
The total amount of other losses is 21.5 billion yuan ($3.34 billion), including a non-cash, market-valued loss in a long-term investment of 18.9 billion yuan. Such quarterly fair value adjustments may cause further fluctuations in net income in the future.
In the third quarter, the net loss attributable to Baidu was 16.559 billion yuan (US$2.57 billion), compared with a profit of 13.678 billion yuan in the same period last year. The dilution loss of each ADS is RMB 48.18 (US$7.48). The net loss attributable to Baidu Core was RMB 15.6 billion (US$2.43 billion). Non-GAAP attributable to BaiduNet profitFor 5.1 billion yuan (790 million US dollars), non-GAAP diluted ADS earnings per share was 14.66 yuan (2.28 US dollars). Non-GAAP net profit attributable to Baidu’s core was 5.9 billion yuan (909 million US dollars), compared with 9.073 billion yuan in the same period last year, down 34% year-on-year.
The adjusted EBITDA was originally RMB 6 billion (US$925 million). Baidu’s core adjusted EBITDA is RMB 7 billion (US$1.09 billion), and Baidu’s core adjusted EBITDA margin is 28%.
As of September 30, 2021, cash, cash equivalents, restricted cash and short-term investments are 194.6 billion yuan (30.2 billion U.S. dollars), and excludingIQIYICash, cash equivalents, restricted cash and short-term investments are 183.6 billion yuan (28.49 billion U.S. dollars).Free cash flow is 691 million yuan (108 million U.S. dollars), excludingIQIYIThe free cash flow of 2.9 billion yuan (449 million US dollars).
Baidu expects revenue from 31 billion yuan to 34 billion yuan in the fourth quarter.
(Source: CDC Finance)