Baidu Inc. (NASDAQ:BIDU) Q1 2024 Earnings Conference Call May 16, 2024 8:00 AM ET
Company Participants
Robin Li - Chairman, Chief Executive Officer
Rong Luo - Chief Financial Officer
Dou Shen - Executive Vice President
Juan Li - Director, Investor Relations
Conference Call Participants
Alicia Yap - Citigroup
Gary Yu - Morgan Stanley
Alex Yao - JP Morgan
Lincoln Kong - Goldman Sachs
Thomas Chong - Jefferies
Billie Wan - UBS
Miranda Zhuang - Bank of America Securities
Operator
Hello, and thank you for standing by for Baidu’s first quarter 2024 earnings conference call.
At this time, all participants are in listen-only mode. After management’s prepared remarks, there will be a question and answer session.
Today’s conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today’s conference, Juan Li, Baidu’s Director of Investor Relations
Juan Li
Hello everyone and welcome to Baidu’s first quarter 2024 earnings conference call.
Baidu’s earnings release was distributed earlier today and you can find a copy of our IR website as well as on newswire services.
On the call today, we have Robin Li, our Co-Founder and CEO; Rong Luo, our CFO, and Dou Shen, our EVP in charge of Baidu AI Cloud Group, ACG. After our prepared remarks, we will hold a Q&A session.
Please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For a detailed discussion of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC and Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement except as required under applicable law.
Our earnings press release and this call includes discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures and is available on our IR website at ir.baidu.com.
As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on Baidu’s IR website.
I will now turn the call over to our CEO, Robin.
Robin Li
Hello everyone. Our business continued to grow in the first quarter. Baidu Core total revenue increased by 4% year-over-year to RMB 23.8 billion, and non-GAAP operating margin reached 23.5%, an improvement from a year ago. In particular, revenue growth from Baidu AI Cloud accelerated to 12% year-over-year [indiscernible] while continuing to deliver operating profit on a non-GAAP basis.