Baidu Group released its unaudited financial report for the second quarter ended June 30, 2023. In the second quarter, Baidu achieved revenue of 34.1 billion yuan, a year-on-year increase of 15%; net profit (non-GAAP) attributable to Baidu reached 8 billion yuan, a year-on-year increase of 44%. Both revenue and profit achieved substantial growth.
Thanks to the solid performance of the online marketing business and the promotion of operating leverage, Baidu's core revenue and profit growth accelerated. In the second quarter, Baidu's core revenue was 26.4 billion yuan, a year-on-year increase of 14%. Baidu's core operating profit (non-GAAP) increased by 27% year-on-year to 6.51 billion yuan, and the operating profit margin was 25%, which is an increase from 22% in the second quarter of 2022 and 23% in the first quarter of 2023. Baidu Core's online marketing revenue was 19.6 billion yuan, a year-on-year increase of 15%. Baidu Core generated a net cash flow of approximately 9.7 billion yuan in operations.
