Baidu's net income declines

June Chen

Baidu's (9888) non-GAAP net inome fell by 19 percent to 5.89 billion yuan (HK$5.33 billion) in the third quarter though the company further optimized costs and realized more cost efficiencies between business units.

And the adjusted earnings before interest, taxes, depreciation, and amortization in the quarter decreased by 8 percent year-on-year to 8.7 billion yuan.

"Baidu Core's flattish third quarter top line reflected the ongoing weakness in our online marketing business, offset by the growth of our AI cloud business," said chief executive Robin Li Yanhong. "Our strong AI capabilities are gaining broader market recognition, as evidenced by increasing adoption of enhanced representation through knowledge integration or Ernie."

In intelligent driving, Apollo Go continues to lead the global autonomous ride-hailing market, hitting another milestone with our sixth-generation autonomous vehicle now operating on public roads across multiple cities in China," Li added.

Revenue fell by 3 percent to 33.6 billion yuan in the third quarter from a year earlier.