Baidu posts better-than-expected Q3 figures

November 17, 2020
Baidu posts better-than-expected Q3 figures

Despite the pandemic, Baidu delivered promising quarterly results

Baidu – one of the largest Chinese search engines reported better-than-expected Q3 2020 figures.

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 it.

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 2021.

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%.

Sources: tipranks.com

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