Baidu.com Inc. (NASDAQ: BIDU), the Chinese internet and artificial intelligence giant, announced on Thursday that its first-quarter net income attributable to the company decreased to RMB5.45 billion ($755 million), representing a 6% decline from the RMB5.83 billion reported in the previous year.
The earnings per American Depositary Share (ADS) fell to RMB14.91 ($2.07), down from RMB15.92 in the same quarter last year.
On an adjusted basis, net income rose to RMB7.01 billion ($971 million), compared to RMB5.73 billion a year earlier. Adjusted earnings per ADS increased to RMB19.91 ($2.76), up from RMB16.10 last year.
Total revenues experienced a modest growth, increasing by 1% to RMB31.51 billion ($4.37 billion) from the prior year's RMB31.14 billion.
Rong Luo, Chief Financial Officer of Baidu, commented, "In the first quarter of 2024, Baidu Core's non-GAAP operating margin expanded both year-over-year and quarter-over-quarter to 23.5%. We have established a track record of consistently improving operational efficiency. In the coming quarters, we will execute on what is needed to optimize our operational efficiency in support of our AI-enabled businesses and high-quality growth, and maintain a healthy non-GAAP operating margin."
