Baidu, Inc. (NASDAQ: BIDU), listed on the Hong Kong Stock Exchange under the tickers 9888 (HKD) and 89888 (RMB), reported its unaudited financial results for the quarter ended September 30, 2025. The company recorded total revenues of RMB31.2 billion, reflecting a 7% decrease year over year. Non-online marketing revenue for Baidu Core increased 21% year over year, primarily supported by ongoing growth in the AI Cloud business. Online marketing revenue declined 18% from the same period last year.
During this quarter, an impairment of long-lived assets impacted profitability, resulting in a reported operating loss of RMB15.1 billion. Excluding this factor, operating income measured RMB1.1 billion on a GAAP basis and RMB2.2 billion on a non-GAAP basis. Baidu Core’s non-GAAP operating margin stood at 9%.
In addition to traditional line-item reporting, the company introduced an AI-native view that focuses on three segments: AI Cloud Infra, AI Applications, and AI-native Marketing Services. The new segments collectively contributed a combined revenue of RMB9.6 billion during the quarter, highlighting Baidu’s strategic emphasis on AI-driven offerings. The cumulative fully driverless rides provided by Apollo Go, Baidu’s autonomous ride-hailing service, surpassed 17 million by November 2025, underscoring significant progress in Baidu’s intelligent driving initiatives.
As of September 30, 2025, total cash and investments, including both current and non-current portions, amounted to RMB296.4 billion. Operating cash flow was RMB1.3 billion. A conference call has been scheduled to discuss these results, and a webcast replay is available on the company’s investor relations website.
