Baidu Quarterly Revenue Variance & Segment Sensitivity Workbench

Consensus Baseline

34,100M RMB

Sell-side Top-line Est

Reported / Modeled Print

32,800M RMB

Q2 2026 Print

Top-Line Variance

-1,300M RMB

-3.81% Miss vs Est

Primary Drag & Offset

Ads: -1,150M | Cloud: +220M

88.5% net miss concentration

Revenue Waterfall Bridge Decomposition (RMB Millions)

Segment Attribution Matrix

Decomposing 100% of reported variance

Reporting Segment	Consensus	Actual / Model	RMB Delta	% Var	YoY Growth	Miss Share

Sensitivity & Macro Simulator

Online Marketing Pricing Index 94.5%

Search ad volume & domestic e-commerce CPM yield vs baseline.

AI Cloud Compute Utilization 88.2%

Enterprise Ernie LLM token inference & GPU cluster demand.

iQIYI Streaming ARPU (RMB) 15.40

Monthly membership pricing & premium theatrical SVOD tier.

Key Sensitivity Takeaway

Legacy Search Marketing accounts for 88.5% of the quarterly revenue deficit. AI Cloud growth (+14.8% YoY) mitigates top-line contraction by 220M RMB, but cannot yet counter macro advertising pricing pressures.