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Baidu App Traffic Up 25% In Sept.; Q3 Adj. Revenues Up 3%

Baidu, Inc. (BIDU) said Baidu App traffic continues to grow robustly with average daily active users or DAUs reaching 189 million, up 25 percent year over year, in September and Baidu's in-app search continues to gain market share. Baidu Smart Mini Program's monthly active users or MAUs, reached 290 million, up 157 percent year over year. iQIYI subscribers reached 105.8 million, up 31 percent year over year, in September 2019.

Third-quarter non-GAAP earnings per ADS was RMB 13 or $1.76. Non-GAAP net income attributable to Baidu Core was RMB 6.3 billion or $883 million, for the quarter. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.11, for the quarter. Analysts' estimates typically exclude special items.

For the third-quarter, total revenues were RMB 28.1 billion or $3.93 billion, flat from last year and up 3 percent year over year, excluding the impact of announced divestures. Online marketing revenues were RMB 20.4 billion or $2.86 billion, decreasing 9 percent year over year. Revenue from Baidu Core reached RMB 21.0 billion or $2.94 billion, down 3 percent year over year, or up 2 percent year over year, excluding the impact of announced divestures. Analysts expected revenue of $3.88 billion, for the quarter.

For the fourth quarter of 2019, Baidu expects revenues to be between RMB 27.1 billion ($3.78 billion) and RMB 28.7 billion ($4.02 billion), between a decline of 1 percent to 6 percent increase year over year, which assumes that Baidu Core revenue will grow between flat to 6 percent year over year. Analysts expect the company to report revenue of $3.88 billion.

Shares of Baidu, Inc. were up nearly 5% after hours.

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