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Baidu ADRs Slip 7.5% on Mkt Fear of AI Search Rivalry
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BIDU-SW (09888.HK) (BIDU.US)'s U.S. ADRs tumbled, closing down 7.5% at US$90.16. Baidu had announced yesterday (18th) its results for the fourth quarter ended December 2024. Under non-GAAP, its net income to Baidu reached RMB6.709 billion, down 13.5% YoY, but still above the upper limit of RMB5.858 billion forecast by 12 brokers consolidated on our website. Quarterly net income attributable to Baidu doubled YoY to RMB5.192 billion, topping the upper end of the range of 5 brokers' forecasts of RMB3.708 billion. Goldman Sachs said the better-than-expected results were benefited from FX gains. Goldman Sachs also said Baidu's cloud revenue growth accelerated to 26% in the quarter, beating estimates, while ads revenue sank 7% YoY, in line, even as the market was concerned about 1Q guidance based on the impact of DeepSeek's AI on the search industry. AAStocks Financial News |
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