In the second quarter of 2023, Chinese search giant Baidu achieved a revenue of RMB 34.1 billion ($4.7 billion), marking a 15% year-on-year growth, according to the company’s financial results released on August 22. Additionally, the net income attributable to Baidu (non-GAAP) reached RMB 8 billion ($1.1 billion), reflecting a 44% year-on-year increase. Both revenue and profit surpassed market expectations. Baidu’s online marketing business saw a 15% year-on-year increase, with its revenue reaching RMB 19.6 billion ($2.7 billion) in the second quarter, becoming the main driver of the company’s recovery. During the company’s earnings call, Baidu CEO Robin Li highlighted that in the second quarter, the company’s AI cloud business achieved consecutive quarters of profitability (non-GAAP), and experienced a 5% year-on-year growth, reaching RMB 4.5 billion ($618 million) in revenue. “As we look ahead, we remain steadfast in investing in AI, in particular, large language models and generative AI in the upcoming quarters,” Baidu CFO Rong Luo stated during the company’s earnings call. [Baidu filing]