Despite the pandemic, Baidu delivered promising quarterly results
– one of the largest Chinese search engines reported better-than-expected Q3
The company beat the estimates on all fronts. Its adjusted
EPS came in at $3, topping the $2.05 forecasted. From last year's numbers, the
EPS surged 61%. Baidu's revenue increased as well. This quarter's figures of
$4.16 billion are 1% compared to those reported at the same time last year.
According to the company, the increase was pandemic-driven,
and the fact that China's economy is rebounding at a steady pace contributed to
Moreover, Baidu is buying YY – a live-streaming business
from Joyy for $3.6 billion. The deal will be completed in the first half of
After the news hit the wire, Baidu stock price inched up
1.9%. Since the beginning of the year, it gained 17%, while USA500 added 12%.
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