Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: The View from China on U.S. Presidential Election Debate Antics
Trending in China: Disneyland Shanghai Hotel Prices Rocket to Over $1,000 a Night
Chinese Bitcoin Mining Machine Maker Ebang Establishes Canadian Subsidiary
Trending in China: Team Effort VS Individualism - What is the Message Behind Box Office Smash Hit Volleyball Movie Leap?
Tencent Leads Over $100m Funding in Pet Clinic Operator New Ruipeng
Watch Out Alipay and WeChat, Trip.com Is Getting Into Online Payments
Search Engine Sogou Joins Exodus of Chinese Firms From Wall Street as Tencent Takes It Private
Huawei Showcases Smart Car Technologies at Beijing Auto Show
Trending in China: A David and Goliath Battle - Students Take on a Chinese Tech Giant and Win
Chinese Drug Manufacturer InventisBio Bags $147m Led by Hillhouse Capital
Profits of Weibo Soar Even as Revenue Falls
Chinese Electric Vehicle Startup Xpeng Receives Investment to Build Production Base in Guangzhou
Video Site Operator Mango Plans to Raise $660 Million to Expand Content Library
Chinese Biotech Firm Creative Biosciences Raises $88m From IDG, CDH, Others
Alibaba’s Ant Group Launches Blockchain-Based Platform to Streamline Cross-Border Trade
Trending in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet
Chinese Online Travel Agency Trip.com Sees Revenue Plummet As Covid-19 Fallout Lingers
Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round
Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC
Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views
Baidu First-Quarter Revenue Drops 7%, Offset by iQiyi Growth

By Han Wei / May 19, 2020 06:07 AM / Business & Tech

Chinese online search giant Baidu Inc. reported a 7% year-on-year revenue decline in the first quarter to 22.5 billion yuan ($3.18 billion), reflecting a drop in online marketing revenue amid the pandemic that was partly offset by growth in video streaming arm iQiyi.

Baidu’s revenue from online marketing decreased 19% to 14.2 billion yuan, according to the company’s unaudited financial results released Monday after market closing in the United States. Other revenue grew 28% to 8.3 billion yuan, driven mainly by strong membership growth in iQiyi, cloud services and smart devices, Baidu said.

Baidu posted net income of 41 million yuan, compared with a 327 million yuan loss the same period last year. Baidu’s New York-traded shares closed 7.74% higher Monday. Stock of iQiyi rose 2.12%.

Diversified revenue streams helped Baidu to stay resilient amid the fallout of the Covid-19 pandemic, said Robin Li, co-founder and CEO of Baidu.

“With the pandemic coming under control in China, offline activities are rebounding, and Baidu stands to benefit from a restart of the Chinese economy,” Li said.

Revenue from Baidu’s core business declined to 15.3 billion yuan, down 13% from a year ago, while revenue from iQiyi climbed to 7.6 billion yuan, up 9%. IQiyi’s membership revenue grew 35% year over year, but was offset by a 27% drop in online advertising revenue, according to the report.

IQiyi had 118.9 million subscribing members as of March 31, 99.2% of whom were paid members. The number of subscribing members rose 23% year over year, the video streaming unit said in a separate statement. IQiyi’s net loss widened to 2.9 billion yuan in the first quarter from 1.8 billion yuan a year ago,

For the second quarter of 2020, Baidu expects revenue to be between 25 billion yuan and 27.3 billion yuan, representing a decline of as much as 5% to a gain of as much as 4% year over year, the company said.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)


Share this article
Open WeChat and scan the QR code