Shulou(Shulou.com)11/24 Report--

On November 22, Baidu (NASDAQ:BIDU,HKEX: 9888) released its unaudited financial results for the third quarter ended September 30, 2022. In the third quarter, Baidu achieved revenue of 32.54 billion yuan, up 2% from the same period last year, while net profit (non-GAAP) attributed to Baidu reached 5.89 billion yuan, up 16% from the same period last year.

After the announcement, Robin Li, founder, chairman and chief executive of Baidu, said in an internal letter that "insisting on organizational capacity-building and internal skills is helping us to deal with uncertainty more qualitatively and go further in the future."

In his internal letter, Robin Li stressed, "We should make good adjustments in the short term, firmly promote the improvement of operational efficiency internally, continue to invest in smart cloud and smart driving, consolidate our leadership position in the new AI business, and ensure better health; and continue to focus resources on innovation in the long run. Countless times in history have proved that the crisis itself stimulates innovation and innovation drives growth. We will work tirelessly for long-term sustainable growth and firmly believe that these challenges will make us stronger. "

The following is the full text of the internal letter: Baidu students

Today, Baidu released its unaudited financial report as of September 30, 2022. In the third quarter, Baidu achieved revenue of 32.54 billion yuan, an increase of 2% over the same period last year, while net profit (non-GAAP) attributed to Baidu reached 5.89 billion yuan, an increase of 16% over the same period last year, exceeding market expectations. Effective cost reduction and efficiency improvement has brought about the improvement of the company's operational efficiency. Insisting on organizational capacity-building and practicing internal skills are helping us to deal with uncertainty more qualitatively and go further in the future.

I would like to thank every Baidu student for his enthusiastic and hard work and for the company's high-quality and sustainable development.

When talking about dealing with environmental challenges and business development, one of the most frequently mentioned topics is how to achieve "growth". A country, an enterprise, the essence of development is growth, and growth is driven by innovation. Several scientific and technological revolutions in human history have all been based on core technological innovation, which has brought about explosive growth of per capita GDP in the world. At present, artificial intelligence technology, represented by deep learning algorithms, is driving a new round of scientific and technological revolution. The efficiency improvement and power that can be given by these technologies are very different from any previous progress or innovation in information technology.

Baidu leads the way in major innovations such as autopilot and intelligent dispatching, and accelerates market recognition. In the third quarter, automakers' demand for Baidu Apollo self-driving solution continued to grow; radish Express developed rapidly, with cumulative orders reaching 1.4 million, maintaining its position as the world's largest self-driving travel service provider. At the same time, Baidu's intelligent transportation solution has been adopted by more cities, proving the ability to use artificial intelligence to improve the efficiency of traditional industries. We will replicate the success of intelligent transportation in key areas such as industrial manufacturing, energy and water, and use artificial intelligence to help customers and empower the real economy.

Innovation can drive growth, so where does innovation come from?

I think it is "feedback driven innovation". Only when the market gives continuous feedback can we have the opportunity to achieve innovation step by step. For example, we pay attention to radish fast running single quantity, not only to create income, but also to get real feedback from the market. The more user feedback, the faster the pace of innovation and technology improvement. The leading commercial operation order size has brought larger market feedback and enhanced our L4 autopilot capability.

In the past year, artificial intelligence has made great progress in both technical and commercial applications, and even changes in direction, including the commercial application of artificial intelligence in the fields of autopilot, intelligent transportation, industrial manufacturing, energy and water. When we need to tune end-to-end technology for each industry, the advantages we have accumulated and the competitive barriers we have built will be brought into full play.

First, we have built the ability of an end-to-end solution, which is highly compatible with our powerful AI capabilities, including chip layer, deep learning framework layer, pre-training large model layer and application layer.

Second, we have strengthened our understanding of specific pain points in the industry and maintained a favorable position.

Throughout the development of Baidu, we have experienced many challenging environments. At present, we need to make adjustments in the short term, firmly promote operational efficiency internally, continue to invest in smart cloud and smart driving, consolidate our leadership position in the new AI business and ensure better health, and continue to focus our resources on innovation in the long run. Countless times in history have proved that the crisis itself stimulates innovation and innovation drives growth. We will work tirelessly for long-term sustainable growth and firmly believe that these challenges will make us stronger.

Robin

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