Chinese internet giant Baidu Inc. recorded a net loss in the third quarter of 2025 due to one-off write-downs, while its revenue declined but beat market forecasts.
The company said in a press release that its net loss in the July-September period was 11.2 billion yuan ($1.57 billion), compared with a net profit of 7.6 billion yuan in the same period of the previous year. The figure covers write-downs of 16.2 billion yuan related to the depreciation of Baidu’s long-standing investments.
Profit excluding the write-downs was 2.6 billion yuan.
The company’s quarterly revenue fell 7% to 31.17 billion yuan. The consensus forecast of analysts polled by Bloomberg for this figure was 30.9 billion yuan, LSEG respondents – 30.7 billion yuan.
Revenue from the company’s core business (Baidu Core) declined 7% to 24.7 billion yuan in the third quarter. Revenue in the online commerce segment fell 18% to 15.3 billion yuan. Revenue in the division covering cloud services and AI development grew 21% to ¥9.3bn.
Revenue at Baidu-owned online video platform iQiyi fell 8% to 6.7bn yuan.
Baidu’s ADRs added 1.4 per cent in early trading in New York on Tuesday. Their value has risen 35.35 per cent since the beginning of this year.