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

BAIDU, INC.

(BIDU)
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Baidu revenue beats estimates; to buy JOYY's China live-streaming unit

11/17/2020 | 12:17am EST
Logo of Baidu is seen at the company's headquarters in Beijing

(Reuters) - Chinese search engine leader Baidu Inc booked a 1% rise in quarterly revenue, beating market estimates, and said it will buy streaming platform YY Live from social media firm JOYY Inc for about $3.6 billion to help diversify revenue sources.

Baidu earns the bulk of its revenue from advertising sales on its core search platform. Ad spending hit lows earlier this year during COVID-19 lockdowns but has picked up in tandem with an economy which, in September, saw retail sales gain and industrial output exceed market expectations.

"Our revenue growth turned positive in the third quarter," said Chief Executive Robin Li in an earnings briefing.

Baidu also benefited from a 7% on-year increase in membership revenue at streaming affiliate iQIYI Inc, where subscriber numbers touched 104.8 million in September.

Netflix Inc equivalent iQIYI is under investigation by the U.S. Securities and Exchange Commission after short-seller Wolfpack Research said the video service inflated user numbers, revenue and the prices it pays for content. iQIYI dismissed Wolfpack's comments as erroneous and unsubstantiated.

Overall, Baidu's July-September revenue hit 28.23 billion yuan ($4.29 billion). That compared with the 27.45 billion yuan analyst estimate average, showed IBES data from Refinitiv.

The firm said it expects October-December revenue of 28.6 billion yuan to 31.3 billion yuan, versus analyst estimates of 28.98 billion yuan.

Baidu's U.S.-listed shares ended Monday trade up 1.9%. Its shares have risen 17% so far this year, compared with an S&P 500 increase of 12% over the same period.

($1 = 6.5830 yuan)

(Reporting by Ayanti Bera in Bengaluru and Yingzhi Yang in Beijing; Editing by Arun Koyyur and Christopher Cushing)

By Ayanti Bera and Yingzhi Yang


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -4.07% 238.87 Delayed Quote.10.47%
DJ INDUSTRIAL -0.57% 30814.26 Delayed Quote.1.26%
IQIYI, INC. -0.45% 19.76 Delayed Quote.13.04%
JOYY INC. 0.08% 90.08 Delayed Quote.12.63%
NASDAQ 100 -0.73% 12803.932503 Delayed Quote.-0.65%
NASDAQ COMP. -0.87% 12998.502287 Delayed Quote.0.86%
NETFLIX, INC. -0.58% 497.98 Delayed Quote.-7.91%
S&P 500 -0.72% 3768.25 Delayed Quote.0.32%
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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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