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August 21, 2019

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iQiyi brings Baidu back to the black

Search giant Baidu said it has returned to profit in the second quarter with revenue up 6 percent following a strong performance by video-streaming affiliate iQiyi.

Revenue in Q2 was up 6 percent to 26.3 billion yuan (US$3.72 billion) excluding international and financial services business which have been divested, beating the estimate of 25.8 billion yuan.

Revenue from iQiyi was up 15 percent to 7.1 billion yuan with subscription income up 38 percent but online advertising revenue fell 16 percent.

The number of smart devices, including speakers and TVs with Baidu’s voice assistant system DuerOS, jumped 4.5 times to more than 400 million by the end of June.

However, its online marketing revenue fell to 19.2 billion yuan, down 9 percent.

In June, daily active users of Baidu App reached 188 million, up 27 percent year over year, in-app search queries grew over 20 percent year over year and smart mini program monthly active users reached 270 million, up 49 percent sequentially.


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