The Chinese internet giant Baidu posted its Q3 2020 earnings leaving the markets impressed.
In Q3, Baidu had an adjusted EPS of $3, topping the $2.05 expected. Compared to last year's numbers, the EPS surged 61%.
From last year's figures, sales went up 1% coming in at $4.16 billion, and beating the $4.14 billion consensus. The fact that the Chinese economy rebounded at a steady pace in the past quarter and the AI businesses have been in demand, led to the reported growth.
For the future, Baidu expects its revenue to reach a high of $4.6 billion, while analysts forecast $4.38 billion. The company also announced that it is looking to buy the live-streaming business from Joyy for $3.6 billion in cash. After the deal is completed in the first half of 2021, Baidu will be part of the fastest-growing digital video market.
Following the news, Baidu stock price gained 1.9%. Year-to-date, the company's stock price went up 17%, while USA500 inched 12% higher.
Sources: tipranks.com, investing.com