Baidu has released its 2023 Q3 financial report: revenue reached 34.447 billion yuan, and net profit (non-GAAP) attributable to Baidu reached 7.3 billion yuan, a year-on-year increase of 23%. Both revenue and profit exceeded market expectations. AI native application data metrics have grown significantly.
At Baidu's Q3 earnings call, Robin Li, founder, chairman and CEO of Baidu, said that Baidu is using the Wenxin model to reconstruct the advertising system, including generative creative, generative targeting and other services. These initiatives are expected to be implemented in the fourth quarter. Bringing incremental revenue of hundreds of millions of yuan.
Robin Li said that advertisers using new AI features achieved an average high-single-digit conversion rate increase in the third quarter. Taking the IT professional education company Danai Education as an example, after using the new features, the conversion rate increased by 23.3% and the ROI increased by 22.7%.