On August 30, Baidu released its Q2 2022 financial results. The company reported revenue of 29.6 billion yuan and net profit of 5.5 billion yuan in the quarter, up 3% year on year and 43% quarter-on-quarter, exceeding market expectations.
It's worth mentioning that,The number of monthly active users on Baidu's APP reached 628 million in June, up 8 percent year on year, the daily login users account for 84%.
For comparison, as of June 30, 2022,The number of monthly live accounts on Tencent's QQ mobile terminal was only 569 million, down 3.8% year-on-year. This is also the first time that Baidu's APP has surpassed mobile QQ.
Data show that Baidu's core R&D expenses accounted for more than 20% of Baidu's core revenue for seven consecutive quarters; Thanks to initiatives to reduce costs and improve operational efficiency,Baidu's core operating margin (non-GAAP) reached 22% in the second quarter, up from 17% in the first quarter of 2022.
In the specific business,Baidu's intelligent cloud revenue maintained its growth momentum, with revenue growth of 31% year-on-year and 10% quarter-on-quarter, leading the industry in growth.
In the smart transportation sector, Baidu ACE smart transportation solutions have been adopted in 51 cities by the end of the second quarter, based on cumulative contracts worth more than 10 million yuan, up from 20 cities a year ago.
Robin Li, founder of Baidu, said that despite the repeated disturbance of the macro economy caused by the COVID-19 epidemic in China, the core of Baidu generated revenue of 23.2 billion yuan in the second quarter, among which Baidu intelligent cloud revenue maintained the rapid growth momentum, with a year-on-year growth of 31% and a quarter-on-quarter growth of 10%.
Radish Kuaiqu is still the world's largest self-driving travel service provider. In the second quarter, Radish Fast Run completed 287,000 orders, and the cumulative total order volume reached 1 million on July 20, which has become a normal way of travel for Beijing Yizhuang users.
In addition, Radish Fast Run again achieved a milestone achievement, providing fully unmanned operation on the open roads of Chongqing and Wuhan for the first time, and opening the self-driving travel service without safety personnel in the car, which further accelerated the large-scale deployment of Radish Fast Run.