Baidu, Inc. (NASDAQ: BIDU) announced its unaudited financial results for the third quarter ended September 30, 2020.
“Our revenue growth turned positive in the third quarter with many advertising verticals turning around, putting Baidu in a good position to further benefit from a recovery in the Chinese economy. The vibrant mobile ecosystem that Baidu has built in the last few years sets a strong foundation for us to grow our non-advertising business,” said Robin Li, Co-founder and CEO of Baidu. “Our new AI businesses saw healthy growth in the third quarter, particularly from cloud, where we are differentiating with AI solutions.”
“Our team executed in the third quarter with top line growth, resilient profitability and strong cash flow, a testament to the durability of Baidu’s business, despite China experiencing a second wave of COVID-19 in July. Our focus on differentiating Baidu with open-platform, in-app search and new AI businesses has enabled Baidu Core’s adjusted EBITDA margin to reach 46% in the third quarter,” said Herman Yu, CFO of Baidu. “We also executed on our capital allocation strategy by selling down equity investments and continuing to execute on our share repurchase plan.”
Source: Baidu Press Release