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Sep 30, 2025
Baidu Q3 2025 Earnings Report
Baidu reported a net loss in Q3 2025 due to a significant impairment charge, despite growth in AI-powered services.
Key Takeaways
Baidu's Q3 2025 performance was heavily impacted by a $2.27B impairment of long-lived assets, leading to a net loss of $1.58B. However, the company saw strong momentum in AI-native products and services, with continued expansion in its autonomous driving and AI Cloud businesses.
Revenue by Segment
Forward Guidance
Baidu remains focused on expanding its AI-native services and global autonomous driving footprint, though near-term financials may remain volatile.
Positive Outlook
- AI-powered business revenue exceeded $10B RMB in Q3
- Apollo Go surpassed 17M cumulative rides with strong safety record
- AI Cloud subscription infrastructure revenue grew 128% YoY
- 70% of Baidu Search results now include AI-generated content
- Expanded Apollo Go operations to Switzerland and Abu Dhabi
Challenges Ahead
- Reported net loss of $1.58B due to asset impairment
- Total revenue declined 7% YoY
- Online marketing revenue fell 18% YoY
- Adjusted EBITDA margin dropped to 14%
- R&D investment slightly decreased YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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