Baidu: AI-driven growth in cloud, apps, and marketing offset by asset impairment; Apollo Go expands globally

Q3 saw robust growth in AI Cloud, applications, and marketing services, offset by a one-time asset impairment that led to a net loss. Excluding this, core AI businesses delivered strong revenue and margin expansion, with Apollo Go and digital humans driving global and sectoral growth.

Based on Baidu Q3 2025 Audio Transcript — Nov. 18 2025