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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Baidu runs and where it’s prioritizing investment, crucial for understanding its strategic focus and operational efficiency.Baidu appears to be reallocating spend away from broad operating categories—'Other' has trended down and Online Marketing Services was pulled back sharply in Q1 2026 after elevated spending in 2024–25—consistent with management shifting resources into higher‑return AI infrastructure and products (Kunlunxin, GPU Cloud, MoS) and driving efficiency (digital human costs down ~80%). That should help margins as AI revenue >50%, but the abrupt marketing cut risks slowing ad/revenue recovery (iQIYI/ads) and may be offset by rising AI-related cost of revenues in the short term.
Date | Other | Online Marketing Services |
|---|---|---|
Jun 30, 2026 | ¥4.61B | ¥4.60B |
Mar 31, 2026 | ¥4.38B | ¥4.91B |
Dec 31, 2025 | ¥5.59B | ¥7.39B |
Sep 30, 2025 | ¥5.18B | ¥6.58B |
Jun 30, 2025 | ¥5.12B | ¥5.96B |
Mar 31, 2025 | ¥4.54B | ¥5.91B |
Dec 31, 2024 | ¥5.51B | ¥6.68B |
Sep 30, 2024 | ¥5.37B | ¥5.87B |
Jun 30, 2024 | ¥5.89B | ¥5.70B |
Mar 31, 2024 | ¥5.36B | ¥5.38B |