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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Baidu, Inc.    BIDU

BAIDU, INC.

(BIDU)
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Baidu Swings to 3Q Profit, Returns to Revenue Growth Amid Pandemic -- Earnings Review

11/16/2020 | 05:04pm EST

By Maria Armental

Chinese search engine giant Baidu Inc. swung to a third-quarter profit and returned to revenue growth, pointing to an advertising turnaround despite second coronavirus pandemic wave in China. Here's what you need to know:

PROFIT: Baidu swung to a profit of 13.68 billion yuan ($2.02 billion), or CNY39.79 ($5.86) an ADR, from a year-earlier loss of CNY6.37 billion yuan. On an adjusted basis, profit rose to CNY20.35 ($3) an American depositary receipt from CNY12.61 an ADR a year earlier. Analysts surveyed by FactSet expected a profit of CNY8.74 an ADR, or CNY13.17 an ADR as adjusted.

REVENUE: Total revenue rose to CNY28.23 billion ($4.16 billion) from CNY28.08 billion a year earlier. Baidu had projected CNY26.3 billion to CNY28.7 billion, with core revenue ranging from a 7% decline to a 3% increase, and analysts expected CNY27.52 billion.

IQIYI: Baidu reported CNY7.19 in revenue from iQiyi Inc., compared with CNY7.4 billion a year earlier. Analysts expected CNY7.19 billion, while iQiyi had projected CNY6.95 billion to CNY7.40 billion.

OUTLOOK: This quarter, Baidu projects CNY28.6 billion to CNY31.3 billion ($4.2 billion to $4.6 billion) in revenue, compared with analysts' CNY29.02 billion, which would mark a return to growth. Core revenue could range from a 1% decline to a 10% increase from the year-earlier period, Baidu said.

PANDEMIC: "Our revenue growth turned positive in the third quarter with many advertising verticals turning around, putting Baidu in a good position to further benefit from a recovery in the Chinese economy," Robin Li, co-founder and chief executive, said in a statement.

ACQUISITION: Baidu on Monday said it had reached an agreement to buy JOYY Inc.'s video-based entertainment live streaming business in China, which includes YY mobile app, YY.com website and PC YY, for about $3.6 billion in cash. The deal is expected to close in the first half of 2021. "This transaction will catapult Baidu into a leading platform for live streaming and diversify our revenue source." Mr. Li said in a statement, adding that "with the team from YY Live, Baidu hopes to explore the next-generation livestreaming and video-based social media that can expand beyond entertainment into the diversified verticals on Baidu platform."

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

11-16-20 1703ET

Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -4.07% 238.87 Delayed Quote.10.47%
IQIYI, INC. -0.45% 19.76 Delayed Quote.13.04%
JOYY INC. 0.08% 90.08 Delayed Quote.12.63%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.472 Delayed Quote.-0.48%
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Financials
Sales 2020 107 B 16 520 M 16 520 M
Net income 2020 22 252 M 3 434 M 3 434 M
Net cash 2020 102 B 15 760 M 15 760 M
P/E ratio 2020 24,1x
Yield 2020 -
Capitalization 528 B 81 473 M 81 473 M
EV / Sales 2020 3,98x
EV / Sales 2021 3,20x
Nbr of Employees 37 779
Free-Float 78,2%
Chart BAIDU, INC.
Duration : Period :
Baidu, Inc. Technical Analysis Chart | BIDU | US0567521085 | MarketScreener
Technical analysis trends BAIDU, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 38
Average target price 1 343,02 CNY
Last Close Price 1 547,88 CNY
Spread / Highest target 25,4%
Spread / Average Target -13,2%
Spread / Lowest Target -36,7%
EPS Revisions
Managers and Directors
NameTitle
Yan Hong Li Chairman & Chief Executive Officer
Cheng-Chun Yu Chief Financial Officer
Hai Feng Wang Chief Technology Officer
Ji An Ding Independent Director
Brent Callinicos Independent Director
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