In the third quarter of this year, Chinese tech giant Baidu reported its largest quarterly revenue decline since going public, with a net loss of 11.232 billion yuan (RMB, same below).
On the evening of November 18, Baidu (Nasdaq: BIDU, 09888.HK) released its financial report for the third quarter of 2025, showing total quarterly revenue of 31.174 billion yuan, a 7% decrease year-over-year. This marks the largest quarterly decline since its initial public offering, with a 5% decrease compared to the previous quarter.
The net profit turned into a loss, under the U.S. Generally Accepted Accounting Principles (GAAP), the net profit attributable to Baidu’s shareholders for the quarter was a loss of 11.232 billion yuan, compared to a profit of 7.632 billion yuan in the same period last year; under the Non-GAAP, the net profit attributable to Baidu shareholders was 3.77 billion yuan, a 36% decrease year-over-year.
Excluding the performance of “iQIYI,” Baidu’s core business revenue in the third quarter was 24.659 billion yuan, a 7% decrease year-over-year; the net profit attributable to Baidu’s core business under non-GAAP was 3.836 billion yuan, a 32% decrease year-over-year.
The core advertising business continued to face pressure, with online marketing revenue decreasing by 6% compared to the previous quarter and plummeting by 18% year-over-year to 15.3 billion yuan; offline marketing revenue was 9.3 billion yuan, a 21% increase year-over-year, mainly driven by the growth in intelligent cloud services.
The revenue of “iQIYI” was 6.7 billion yuan, an 8% decrease year-over-year, intensifying the overall performance pressure.
First-time disclosure of AI-related revenue was 9.6 billion yuan, a growth of over 50% year-over-year, accounting for 39% of the core revenue.