Plus   Neg

Stock Alert: Baidu Rises 9% After Reporting Upbeat Results

Shares of Baidu, Inc. (BIDU), Chinese technology company specializing in Internet-related services and products and artificial intelligence, are climbing more than 9% Tuesday morning on the back of upbeat first-quarter results.

"In March, a month after the peak of COVID-19 new cases, Baidu's traffic remained robust with Baidu App DAUs reaching 222 million, up 28% year over year, in-app search queries up 45% and feed time spent up 51%. With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy, " said Robin Li, Co-founder, and CEO of Baidu.

Adjusted earnings of $1.25 per ADS for the first quarter beat the average estimate of analysts polled by Thomson Reuters at $0.57.

Revenues were RMB 22.5 billion ($3.18 billion), decreased 7% year over year. The consensus estimate was at $3.1 billion.

For the second quarter of 2020, Baidu expects revenues to be between RMB 25.0 billion ($3.5 billion) and RMB 27.3 billion ($3.9 billion). Analysts see revenue of $3.62 billion.

Baidu stock is currently trading at $117.35. It has traded in the range of $82.00- $147.38 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Elon Musk, the founder and CEO of Space Exploration Technologies, or SpaceX, said the aerospace company is planning to list its space internet venture, Starlink, after many years when revenue growth is smooth and predictable. In a tweet, Musk said, "We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic It's again that day of the year when coffee lovers celebrate their passion for the caffeinated beverage. It is National Coffee Day today in the U.S. when major food and beverage outlets nationwide promote the coffee culture with deals for coffee fans. In the U.S., major coffee outlets such as Starbucks, Dunkin' Donuts, Wawa, Krispy Kreme, Wendy's and Panera Bread give away free cups of coffee. The state of Ohio ordered General Motors to repay $28 million in tax credits after closing the Lordstown plant, which was in agreement to be operated until 2040. The Ohio Tax Credit Authority said the closure violated the terms of two economic development agreements signed by the company. In separate development, GM announced it is investing $71 million in two other Ohio manufacturing facilities.
Follow RTT