nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? So, the amount was raised from $1 billion to $3 billion. We'll move on to the next question, once again from Tian Hou of T.H. My questions is related to the revenue from the Managed Page which this quarter increased to 30%, right, of the core marketing revenue.
Cloud revenue reached RMB2 billion in the second quarter and we expect cloud and smart transportation to be important revenue drivers for us going forward. So that's why we were seeing more and more advertisers. So, the more information you have on that specific content, the more deeper you could dive in, that a person who is doing the search would feel more comfortable that they have well informed information.So when you start building a lot of search functions in a social app, you might be damn good at search, but you will lose that social function.
So thank you for the color on the conversion. Can you unmute locally, please?All right, let me repeat what I just said. Over time, we believe the true measure of value creation is the ability to increase cash flow for our shareholders.Operator, with that, let's now open the call to questions.Thank you.
And we're seeing a lot of content coming over to Baidu platform since we've been focusing on this strengthening our mobile ecosystem.With regards to advertiser sentiment on geopolitical tension, we think that currently our advertisers' sentiment is more a function of the economy in China, is more of a function of the kind of policies we have allowing people to actually go to stores, to the shops outside and so forth. So, my question is related to your investments. Thank you.Tian, this is Robin. Are the gains you're seeing on the operating profit level sustainable? Hello, … And we've been going through with this strategy in Q1 and again in Q2. In-app revenue together with new AI businesses will be respectable growth engines for Baidu in the years to come.Our strong execution is also reflected by our results of increasing non-GAAP operating margin for Baidu Core by 16 points year-over-year and adjusted EBITDA margin for Baidu Core by 17 points. Please go ahead. Traffic Acquisition Costs decreased primarily due to a double-digit decline in TAC revenue. I'm sorry, I have to move on to the next question, it's from Gregory Zhao from Barclays. Baidu's service offerings will continue to expand as new players join our Smart Mini Program network.Fourth, on monetization. Users come to Baidu to form relationships with merchants, through follow, messaging, live video, shop and so on.With users remaining on Baidu after the landing page, we are in a better position to improve user insight and provide superior user experience such as verifying the merchants, monitoring the content and services on Baidu for better quality, strengthening Baidu's vertical and community offerings, and enabling users to follow, interact and transact as merchants.From the merchant's perspective, our customers no longer rely on Baidu only for traffic. When they come back to universities, campus, they are going to have a chance to use our newer product.
So as we said, we are adding more and more content and services to the app, right, so that we can increase the engagement between the users and our product. Non-GAAP operating margin for Baidu Core was 34%, up 16 points from last year.Adjusted EBITDA was RMB7.0 billion or RMB7 billion, up 109% year-over-year and adjusted EBITDA for Baidu Core was RMB7.8 billion or $1.1 billion, up 63% year-over-year; and adjusted EBITDA margin for Baidu Core was 41%, up 17 points from last year.As of June 30, 2020, cash and short-term investments was RMB154.1 billion.
In the second quarter, we added service centers in Baidu App, which allows users to access services from a wide range of merchants and government organizations through a single sign-up and keep track of their transactions with various service providers through our My Wallet and My Message Center.
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