Baidu's Q4 2023 Financial Report: Continued Strong Investment in Generative AI
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Baidu announced its financial results for the fourth quarter and full year of 2023, with total annual revenue reaching 134.598 billion yuan, a year-on-year growth of 39%. Baidu's net profit (non-GAAP) attributable to Baidu was 28.7 billion yuan, also showing significant growth.
In the fourth quarter, Baidu's revenue reached 34.951 billion yuan, a year-on-year increase of 44%, with a net profit (non-GAAP) of 7.755 billion yuan. Notably, Baidu's annual revenue and profits both exceeded market expectations.
Baidu's core business performance was equally impressive, with annual revenue reaching 103.465 billion yuan, a year-on-year growth of 38%. Additionally, the monthly active users of Baidu App reached 667 million in December 2023, demonstrating continuously increasing user engagement. In the autonomous driving sector, Baidu's Apollo Go had served over 5 million rides by January 2, 2024, with a 49% year-on-year increase in rides to 839,000 in the fourth quarter. Robin Li, founder, chairman, and CEO of Baidu, stated that the company made significant progress in the Wenxin Large Model and Wenxin Yiyan in 2023, restructured its products and services, and achieved remarkable commercialization results. Meanwhile, Baidu's core business also maintained a steady development trend. Looking forward, Baidu will continue to increase investment in generative AI and foundational models to lay the groundwork for creating new growth engines.
Public data shows that as of the end of December 2023, Wenxin Yiyan's user base has exceeded 100 million, and the call volume of the Wenxin Large Model far surpasses that of other domestic large models.
At the same time, Baidu has also made significant progress in AI-native restructuring. By launching AI-native applications such as the new Baidu Search, Baidu Wenku, and the Wenxin Yiyan App, as well as AI marketing tools like Qingke and Brand Smart Agents, Baidu has continuously improved user experience and marketing effectiveness. Public data reveals that Baidu Wenku AI has attracted over 80 million users, with new features being used more than 700 million times. Additionally, the Baidu App reached 667 million monthly active users in December 2023, with annual online marketing revenue hitting 75.1 billion yuan.