Categories AlphaGraphs, Earnings, Technology

Baidu stock rises after beating Q4 earnings and revenue estimates

Chinese internet search engine Baidu (BIDU) reported better-than-expected Q4 earnings and revenue figures. Baidu had earned $1.92 per share on revenue of $3.96 billion. Analysts had expected the company to report earnings of $1.79 per share on revenue of $3.88 billion. The stock was up about 3% during the extended trading hours.

Revenue rose 22% year-over-year and GAAP earnings attributable to Baidu per ADS declined 52% to $0.86.

An infographic on Baidu's fourth quarter 2018 earnings results
Baidu Q4 2018 Earnings Infographic

For Q1 2019, Baidu expects revenues to be between RMB 23.5 billion ($3.42 billion) and RMB 24.7 billion ($3.60 billion), representing year-over-year growth of 12% to 18%, or 18% to 24% excluding revenues from announced divestitures.

“We are excited to enter the new year on strong footing with Baidu 2018 revenues reaching RMB 102 billion, up 28% annually. The growth rate of Baidu App DAUs has been accelerating over the past year, up 24% year over year to 161 million in December 2018, while Haokan short video app grew to 19 million DAUs from 1 million a year ago,” stated Robin Li, CEO of Baidu.

The company stated that diversifying Baidu’s business from mobile internet into the smart home, smart transportation, cloud and autonomous driving markets will require heavy investments and it hopes these investments to bear fruit and accelerate Baidu’s revenue growth in the future.

Baidu App daily active users (DAUs) reached 161 million in December 2018, increasing 24% year-over-year. Baidu Smart Mini Program monthly active users (MAUs) reached 147 million in December 2018, up 30% sequentially.

Baidu’s subsidiary iQIYI added 36.6 million subscribers in 2018 to reach 87.4 million at year end, further solidifying their leadership in original entertainment blockbuster content.

Baidu stock, which hit a yearly low ($153.78) on January 3, 2019, edged up 0.37% to $171.81 when the markets closed on Thursday.

Baidu’s subsidiary iQiyi also reported its Q4 earnings results after the bell today. iQiyi stock fell 1% during after-hours as it missed the earnings estimates while topping revenue projections.

 

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

 

Most Popular

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Infographic: A snapshot of Costco’s (COST) Q4 2022 earnings

Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top