Baidu Announces Q2 2022 results, Beats Estimate

China's tech giant Baidu Inc reports second quarter earnings, beating analysts' estimates.

Total revenues were RMB 29.6 billion ($4.43 billion), decreasing 5% year over year. However, revenue at Baidu's AI Cloud unit grew 31% year-on-year in the past quarter.

Non-GAAP net income attributable to Baidu was RMB 5.5 billion ($827 million), increasing 3% year over year and 43% quarter over quarter.

"Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter," said Robin Li, Co-founder and CEO of Baidu. 

Baidu continues to invest heavily in R&D. Baidu Core's R&D expenses account for more than 20% of Baidu Core's revenue for 7 consecutive quarters. Non-GAAP Baidu Core operating margin was 22%, up from 17% in last quarter.

"Apollo Go further solidified its position as the world's largest autonomous ride-hailing service provider. Apollo Go completed 287K rides in the second quarter, and accumulated one million rides on July 20, becoming an important alternative means of people's everyday travel in the Yizhuang region of Beijing.