Baidu (NASDAQ:BIDU) earnings for first quarter of 2020 have BIDU stock up after-hours Monday. That comes after reporting adjusted earnings per share of 8.84 yuan. That’s well above Wall Street’s estimate of 4.05 yuan. Its revenue of $22.55 billion yuan also beats out analysts’ estimates of 22.04 billion yuan.
Here are some additional highlights from the most recent Baidu earnings report.
- Adjusted per-share earnings are up 219% from 2.77 yuan in the same period of the year prior.
- Revenue for the quarter is sitting 7% lower than the 24.12 billion yuan in the first quarter of 2019.
- Operating loss of 437 million yuan is 53% better year-over-year compared to 936 million yuan.
- The Baidu earnings report also has net income coming in at 41 million yuan.
- That’s a jump over its net loss of 327 million from the same time last year.
Robin Li, co-founder and CEO of Baidu, said this in the Q1 earnings report.
“Despite shelter-in-place in the first quarter, Baidu’s total revenues declined just 7% year-over-year, resulting from our diversified revenue streams, including marketing services for wide-ranging industries, new AI businesses and iQIYI. With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy.”
Baidu includes its outlook for the second quarter of 2020 in its earnings report. It expects revenue to range from 25 billion yuan to 27.3 billion yuan. Wall Street is looking for revenue of 25.74 billion yuan during the quarter.
BIDU stock was up 8.1% after markets closed on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
