Baidu earnings beat expectations

August 12, 2021

China's dominant internet search engine company reported second-quarter earnings that came ahead of consensus

For the three months ended June, Baidu announced revenue of 31.35 billion yuan, marking a 20% increase from a year earlier, and topping analysts’ predictions of 30.9 billion yuan. The company swung to a net loss of 583 million yuan after marking down the value of its stake in Kuaishou Technology.

Regarding his company’s latest financial results, Robin Li, Baidu CEO, had the following to say: “Baidu Core delivered another strong quarter, powered by the fast growth of our new AI business. […] We are excited about the opportunities to help different industries transform their business with AI and support our goal to become carbon neutral by 2030.”

For the future, Baidu forecasts sales ranging from 30.6 billion yuan to 33.5 billion, while analysts are looking for 33.1 billion yuan.

Since the beginning of the year, Baidu stock price lost 23%, while TECH100 went up 14.56%.

Sources: investing.com, thestreet.com

This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.

This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.

You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.

This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.

Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.