One of the biggest network companies in the world gained more than expected.
Yesterday, the Chinese search giant Baidu posted a financial report that exceeded analyst expectations and made predictions about the 2nd trimester.
Analysts were expecting revenue of $21.93 billion and an EPS of $4. Baidu wiped off the consensus and posted a revenue of $22.55 billion, and an EPS of $8.84. Although the results were good, they are still 7% lower than the same period last year.
In March, the number of users increased by 28% to 222 million daily active users. For the American depositary receipt, it had an adjusted EPS of $1.25, and $3.18 billion in revenue.
The pandemic made the Baidu’s usage remain satisfactory, with its app DAU “reaching 222 million, up 28% year-over-year, in-app search queries up 45%, and feed time spent up 51%," Robin Li, CEO, stated.
For the current quarter, Baidu envisions a $3.5 billion up to $3.9 billion in revenue, and a 4% yearly increase. Wall Street expects $3.6 billion in revenue.
In after-hours trading, the stock price gained 8% to $116.75. Overall, the stock fell by 10% from the start of 2020.
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Sources: thestreet.com, cnbc.com, marketwatch.com
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